Standard & Poor's Ratings Services said March 31 that itaffirmed and subsequently withdrew its A+ financial strength rating onMalaysia-based Tokio Marine Global Re Asia Ltd., as per the company's request.
S&P said the rating reflects Japan-based 's guarantee for the reinsurer. The outlook on the rating wasstable prior to the withdrawal.
Tokio Marine Global was a reinsurance provider for the Asiansubsidiaries of Tokio Marine Group. The company had been in run-off sinceJanuary 2015 and its remaining businesses are being transferred to anothergroup subsidiary, S&P said.
S&P Ratings andGlobal Market Intelligence are owned by McGraw Hill Financial Inc.