TEXT-S&P:Mitsui Sumitomo Insurance (Eu) unaffected by fine - Reuters

May 10 - Standard & Poor's Ratings Services today said that the U.K. Financial Services Authority's recent announcement of a fine on Mitsui Sumitomo Insurance Co. (Europe) Ltd. (MSIEU; A+/Stable) for serious corporate governance failings has no immediate impact on the financial strength rating on MSIEU.

MSIEU's financial strength rating is based on a guarantee agreement from its parent company, Mitsui Sumitomo Insurance Co. Ltd. (A+/Stable/A-1), which is MS&AD Insurance Group's core operating company.

Standard & Poor's will monitor future regulatory developments relating to MSIEU, as well as the potential impact of the FSA's announcement on MSIEU's business base. As MS&AD Insurance Group expands its business into overseas markets, we believe the enforcement of strong corporate governance and enterprise risk management are important factors for its credit profile.

10 May, 2012

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Source: http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHt4m1iMct4dxErHOxMMqjcaTSLmg&url=http://www.reuters.com/article/2012/05/10/idUSWLA783420120510
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