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Tenet Sompo Insurance rating unaffected by merger with Nipponkoa Singapore Branch

The merger took effect on Jan. 1, 2014, and involved a transfer of assets and liabilities from the Singapore Branch of Nipponkoa Insurance to Tenet Sompo Insurance

January 02, 2014 4:21 IST | India Infoline News Service
Standard & Poor's Ratings Services said today that its rating on Tenet Sompo Insurance Pte. Ltd. (local currency A/Stable/--) is not affected by the company's merger with the Singapore branch of Japan-based NIPPONKOA Insurance Co. Ltd. The merger reinforces our view that the company is highly strategic to the NKSJ group (core operating entities rated A+/Stable/--), although it does not significantly change the company's competitive position in Singapore.

The enlarged entity continues to provide insurance support to Japanese entities operating in Singapore. The company also aggregates and transfers risks for other subsidiaries of the group. We consider these activities integral to NKSJ Group's business.

The merger took effect on Jan. 1, 2014, and involved a transfer of assets and liabilities from the Singapore Branch of Nipponkoa Insurance to Tenet Sompo Insurance. The move is part of an ongoing merger plan at the parent group level that is scheduled to be completed on Sept. 1, 2014.

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