RATINGS AGENCY SUPPORT FOR TOKIO MARINE US BUY

Rating agency Moody’s Investors Service believes Tokio Marine & Nichido Fire Insurance’s acquisition of US-based Philadelphia Consolidated will strengthen the Japanese insurer’s overseas property and casualty businesses. Moody’s affirmed its 'Aa2' insurance financial strength rating on Tokio Marine with a stable outlook. According to Moody’s, Philadelphia Consolidated has a good financial profile and the acquisition is not anticipated to pressure Tokio Marine & Nichido's own financial profile, although the acquisition will be partly funded by the issuance of new debt. While synergies may result from the co-ordination between Philadelphia Consolidated and some of Tokio Marine & Nichido's global insurance operations, Moody's said it does not assume such benefits will be significant in the near term.