Tokio Marine review status removed
–14 March 2008
AM Best has removed from under review with negative implications the financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” of Tokio Marine Pacific Insurance Limited (TMPI) (Guam). At the same time, A.M. Best has affirmed the ratings and assigned a stable outlook.
TMPI was placed under review due to the uncertainties relating to its plan to expand its business lines. During the third quarter of 2007, TMPI’s parent company, Tokio Marine & Nichido Fire Insurance Co. Ltd. (TMNF), transferred net assets of approximately USD 4 million from its branch operation in Guam to TMPI. TMPI’s capital and surplus stood at USD 12 million as at September 30, 2007. A.M. Best believes that TMPI’s risk-adjusted capitalization, as demonstrated by Best’s Capital Adequacy Ratio, is adequate to support the current ratings and the expansion plan to underwrite property and casualty business.
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