KLPP Insurance and Reinsurance Co. Ltd. (KLPP) has several audit qualifications relating to its 2022 financial statements, which we expect the company to take satisfactory steps to resolve this year. KLPP's capital buffers, which are above the 'AAA' level as per S&P Global Ratings' risk-based model, remain a key rating strength. Despite an evolving franchise in the international insurance and reinsurance market backed by new business and broker relationships, KLPP still has a limited track record of profitable and diversified business over a longer period. We therefore affirmed our 'BB+' long-term insurer financial strength and issuer credit ratings on KLPP. The negative outlook reflects the ongoing, unresolved audit qualification, and new ones, as well as the residual risk that KLPP's
