We think that KLPP has a highly vulnerable business risk profile, mostly reflecting its start-up phase, and an upper adequate financial risk profile, which takes into account its sound capital and high risk profile. We also assess KLPP's management and governance as weak due to execution risks, lack of a track record effectively implementing strategic plans, and high reliance on a small team. We are therefore assigning our 'B+' long-term financial strength and counterparty credit ratings to KLPP. The stable outlook reflects our expectation that KLPP's capital adequacy will support future growth even though its premium base will remain small, with operating results largely dependent on that of the investment portfolio. On Nov. 4, 2016, S&P Global Ratings assigned its
