S&P upgrades KLPP Insurance

S&P said it raised the long-term issuer credit and financial strength ratings on KLPP Insurance and Reinsurance Co. Ltd. to BB from BB-.

The outlook is positive.

S&P said it raised the ratings as a result of KLPP's improved competitive position thanks to progress in developing its franchise in the international reinsurance market.

In 2018, KLPP's gross written premiums reached $39.7 million compared with $20.8 million in 2017, the agency said.

Its business mix became better diversified by regions and cedants, S&P said.

But this diversification is still evolving and about 60% of the business was still generated in Russia, indicating a still concentrated profile, the agency said.

S&P said it believes the company has strengthened its relationships with brokers and remains committed to investing in its underwriting capabilities.

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