KLPP Insurance And Reinsurance Co. Ltd. continues to build its franchise in the international (re)insurance market, demonstrated in sound growth of its gross written premiums despite the economic stress in 2020 caused by COVID-19-related market volatility. The company's capitalization continues to remain a key rating strength, with significant buffer above the 'AAA' level as per our capital model. We therefore raised our long-term insurer financial strength and issuer credit ratings on KLPP one notch to 'BB+' from 'BB'. The stable outlook reflects our view that the company will continue to execute its strategic plan to gradually build its franchise; we also assume KLPP will maintain its excellent capital adequacy. On May 6, 2021, S&P Global Ratings raised its long-term insurer
