High quality capital base and modest internal capital generation gives KLPP material headroom at the 'AAA' level of stress under our capital adequacy model forecasts. KLPP's clearer strategic focus and technical capabilities, alongside a stable, experienced management team, will enable it to deliver on business initiatives. Current comparably small absolute level of premiums combined with a material concentration in one casualty line of business gives us a degree of concern about the narrow scope of the business, although this is expected to improve as the company grows and diversifies its business. Yet to further demonstrate ability to sustainably attract profitable business from chosen geographies and lines of business. Our ratings on KLPP are underpinned by its overall strong and high
