S&P lifts Tokio Marine Singapore

Standard & Poor's said it raised its insurer financial strength and counterparty credit ratings on Tokio Marine Insurance Singapore Ltd. to AA- from A+.

The outlook is stable.

According to S&P, the rating action reflects the insurer's strengthened strategic importance to its majority parent, Tokio Marine & Nichido Fire Insurance Co. Ltd. (AA/stable/A-1+).

This increased role follows TM Singapore's merger with Tokio Marine & Fire Insurance Co. (Singapore) Pte. Ltd., effective July 1, and expectations that the merged entity will play a significant role in the group's expansion in Asia, the agency added.

S&P noted that the ratings also reflect TM Singapore's sound capitalization, good business profile and satisfactory investment portfolio.

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