(The following statement was released by the rating agency)
Dec 18 -
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Summary analysis -- Tokio Marine Retakaful Pte. Ltd. -------------- 18-Dec-2012
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CREDIT RATING: None. Please see issue list. Country: Singapore
Primary SIC: Surety insurance
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Financial Strength Rating History:
27-Jan-2011 AA-
01-Oct-2007 AA
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Rationale
Our rating on Singapore-based Tokio Marine Retakaful Pte Ltd. (TMRt) reflects
the unconditional guarantee of policy obligations provided to the entity by
Japan-based Tokio Marine & Nichido Fire Insurance Co. Ltd. (Tokio Marine &
Nichido Fire; AA-/Negative/A-1+), part of Tokio Marine Group. TMRt's immediate
holding company is Singapore-based Tokio Marine Asia Pte. Ltd. (TMAsia; not
rated). Both Tokio Marine & Nichido Fire and TMAsia are wholly owned
subsidiaries of Japan's Tokio Marine Holdings Inc. (not rated).
This explicit support agreement meets the guarantee criteria of Standard &
Poor's Ratings Services. We expect Tokio Marine & Nichido Fire to ensure that
claims made by TMRt policyholders are paid, and as a consequence, the rating
on TMRt will move in tandem with those on Tokio Marine & Nichido Fire.
TMRt originally commenced operations in 2004 as a reinsurance company
specializing in the takaful business, which is an alternative insurance that
follows principles of Islamic Law and is often considered more acceptable to
Muslims than conventional insurance. TMRt now focuses on life retakaful, which
is also referred to as family retakaful, and generates most of its business in
Malaysia and the Middle East.
Outlook
The negative outlook on the rating on TMRt reflects the outlook on the rating
on its guarantor, Tokio Marine & Nichido Fire. The rating or outlook on TMRt
would only move in tandem with a change in the rating or outlook on Tokio
Marine & Nichido Fire.
Rating Criteria And Research
Interactive Ratings Methodology, published April 22, 2009
Group Methodology, published April 22, 2009
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