MSIG Singapore to maintain footing from parent support: S&P Global

S&P Global Ratings said the insurer will remain highly strategic.

MSIG Insurance Singapore is forecasted to have a stable outlook, with expected continuous support for the next two years from its parent, Mitsui Sumitomo Insurance (MSI).

“We also continue to view MSIG Singapore as a highly strategic subsidiary of MS&AD Insurance Group Holdings Inc., resulting in likely group support,” said S&P Global Ratings in a press release.

The insurer’s financial strength rating reflects the support MSI, which provides the company a form of a guarantee on its insurance policy obligations. The ratings agency therefore equalises its rating on MSIG Singapore with that on MSI.

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MSIG Singapore was also perceived to underpin the group’s regional growth efforts and has been consistent in delivering P&C returns in Singapore.

More traits that seem to benefit MS&AD Insurance Group are MSIG Singapore’s contributions and sustained focus on local business.

Thus, the rating agency expects the insurer to keep its position as one of the top-performing P&C insurers by gross written premiums in the country.