A.M. Best Affirms Ratings of The Toa Reinsurance Company, Limited and Toa Reinsurance Company of America.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A+ (Superior) and the issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "aa-"of The Toa Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Company, Limited (Toa Re) (Japan). The rating outlook is negative. Concurrently, A.M. Best has affirmed the FSR of A (Excellent) of Toa Reinsurance Company of America (Morristown, NJ) and has downgraded the ICR to "a" from "a+". The rating outlook for Toa Reinsurance Company of America has been revised to negative from stable. The rating of Toa Re reflects its prudent capitalization, strong presence in the Japanese reinsurance market and high quality fixed income assets. Toa Re maintains a low net premium leverage of 0.48 times as of fiscal year 2004. Adjusted policyholder surplus (APHS APHS American Pseudo-obstruction and Hirschsprung's Disease Society APHS Allen Park High School (Allen Park, MI) APHS American Poultry Historical Society APHS Australian Pharmaceutical Healthcare Systems Pty Ltd ) was JPY JPY In currencies, this is the abbreviation for the Japanese Yen. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 211 billion (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1,962 million), which is 53% of total assets as of fiscal year 2004. Toa Re maintains a preferred status with its Japanese non-life insurance clients, who are also shareholders. The company enjoys an outstanding market presence as the only domestic professional reinsurance company in Japan. In recent years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time company has further diversified its portfolio into the life reinsurance market, overseas reinsurance market and cooperative market. The increasing presence outside of Japan will provide Toa Re with greater geographical risk diversification. Offsetting these positive rating factors are the high volatility of risk-based capitalization and the volatile underwriting performance of the company. The consolidation of the Japanese non-life market resulted in reduced reinsurance premiums, and the increasing interest of Japanese direct companies into Asian businesses resulted in increased competition in this market segment. Toa Re holds 55% of the total assets or 104% of its APHS in equities as of fiscal year 2004. This single equity risk weighs heavily on the company's risk-based capitalization, which will depend heavily upon the performance of the Japanese stock market. The company has indicated that it is undergoing a strategic review on this issue. For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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