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Moody's affirms Tokio Marine & Nichido Fire

Moody's Japan K.K. affirmed the insurance financial strength rating of Aa3 of Tokio Marine & Nichido Fire Insurance Co. Ltd.

The affirmation takes into account the company's very strong market position, brand and distribution, very strong capitalization, and growing business and geographic diversification through a series of acquisitions and organic growth. These strengths are partially countered by the company's large exposure to high-risk assets and considerable exposure to gross natural catastrophe risks.

The outlook remains stable, reflecting the rating agency's expectation that the company will continue to have very strong market position, very strong capital adequacy, and good product and geographic diversification over the next 12 to 18 months.