Accompanying its announcement on TMRe, Standard & Poor’s Ratings Services also noted that it has revised its outlook on Dublin-based reinsurer Tokio Marine Global Re Ltd. (TMGRe) to stable from negative, and affirmed its ‘AA-‘ long-term insurer financial strength rating.
“The rating actions reflect the explicit support of TMGRe’s parent, Tokio Marine & Fire Insurance Co. Ltd. (Tokio Marine; AA-/Stable/–), following the issuance of a guarantee of TMGRe’s policyholders’ obligations,” said S&P. The guarantee carries the same terms and conditions as those applying to TMRe (see previous article).
“Standard & Poor’s expects Tokio Marine to ensure that all valid claims made by TMGRe’s policyholders are honored and, as a consequence, the rating on TMGRe will move in tandem with those on Tokio Marine,” noted S&P credit analyst Matthew Day.
Similarly the “stable outlook on TMGRe reflects the stable outlook on its guarantor, Tokio Marine. The guarantee provided by Tokio Marine to TMGRe signifies TMGRe’s strategic importance to its parent.”
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