AM Best changes outlook on Tokio Marine Pacific Insurance
Rating agency AM Best has revised the outlook of the Financial Strength Rating of Tokio Marine Pacific Insurance, a subsidiary of Tokio Marine & Nichido Fire Insurance, to stable from negative.
AM Best said the ratings reflect TMPI’s balance sheet strength, which it assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also acknowledge the wide range of implicit and explicit support that it receives from its parent, Tokio Marine & Nichido Fire Insurance.
It added that the revised outlook mainly reflects the company’s various initiatives to stabilise its credit fundamentals in recent years, which include capital accumulation, a rate increase exercise for commercial accident & health (A&H) accounts, pursuit of a more diversified A&H portfolio, as well as stricter underwriting and pricing discipline in both the A&H and property & casualty segments.
Tokio Marine Pacific Insurance is a wholly owned subsidiary of Tokio Marine & Nichido Fire Insurance and its ultimate parent, Tokio Marine Holdings, is one of Japan’s largest non-life insurance groups.
