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TMNF had some issues with a third party system linked to
Hiroki Sasai, general manager, TMNF Dubai branch said: "The
The agency placed TMNF's Aa2 insurance financial strength rating on downgrade review on 22 December, reflecting the announcement by its holding company, Tokio Marine Holdings Inc (TYO:8766), that it would acquire, via TMNF, US Delphi Financial Group Inc (NYSE:DFG).
The ratings mainly take into account the support accord between TMFS and TMNF, under which TMNF is required to back TMFS so that the unit meets its obligations in a timely fashion and its net worth does not fall below USD10m (EUR7.65m), the agency said.
TMNF is a core company of the consolidated Tokio Marine Holdings, Inc.
TMNF's net leverage remained low at 2x, unchanged from end-March 2017.
However, the generally unfavourable business and economic environment surrounding TMNF partially counterbalance these strengths.
TMNF is likely to maintain strong profitability in FYE18 as the company plans to hold premium rates steady overall.
The agency also considers that TMR benefits from the global recognition and balance sheet strength of TMNF.
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- TMN Management Function
- TMN Reference Layer