HONG KONG (Standard & Poor's) Nov. 1, 2005--Standard & Poor's Ratings Services said today that it had assigned its 'BBB+' long-term insurer financial strength and counterparty credit ratings to Tokio Marine Newa Insurance Co. Ltd. (Tokio Marine Newa) of Taiwan. The outlook is stable. The ratings reflect the plentiful resources of its parent companies--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 offset by a lack of diversity in the company's business profile and growing pressure in Taiwan's increasingly competitive nonlife insurance market. Tokio Marine Newa was established on April 1, 2005, following a merger between
