Plentiful parental resources Established strong position in auto insurance Satisfactory operating performance Strong capitalization Lack of diversity in business profile Post-merger integration challenges The ratings on Tokio Marine Newa Insurance Co. Ltd. (Tokio Marine Newa) reflect the plentiful resources of its parent companies--the Yulon group (Yulon) of Taiwan and Millea Holdings Inc. (Millea) of Japan--and its strong position in auto insurance. The ratings factor in the company's satisfactory operating performance and strong capitalization. These factors are moderated by a lack of diversity in the company's business profile, post-merger integration challenges, and growing pressure in Taiwan's increasingly competitive nonlife insurance market. Tokio Marine Newa was established on April 1, 2005, following a merger between Newa Insurance Co. Ltd. (Newa Insurance) and
