The rating on London-based Tokio Millennium Re (UK) Ltd. (TMRUK) reflects the unconditional guarantee of policy obligations provided to the entity by Japan-based Tokio Marine & Nichido Fire Insurance Co. Ltd. (Tokio Marine Nichido; AA-/Negative/A-1+), part of Tokio Marine Group. TMRUK is a wholly owned subsidiary of Tokio Marine Nichido. This explicit support agreement meets the guarantee criteria of Standard & Poor's Ratings Services. Standard & Poor's expects Tokio Marine Nichido to ensure that claims made by TMRUK policyholders are paid, and as a consequence, the rating on TMRUK will move in tandem with those on Tokio Marine Nichido. TMRUK started operations as a reinsurance company as Tokio Marine Global Ltd. in 2005, mainly providing direct and facultative reinsurance for...
Companies mentioned in this report are: Tokio Millennium Re (UK) Ltd.
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