KLPP continues to make progress in building up its franchise in the international (re)insurance market by diversifying its operations by regions and lines of business. KLPP has sound excess capital at the 'AAA' level of our capital model, and we estimate it will remain at this level over 2019-2021. We are affirming our 'BB' ratings on KLPP. The positive outlook indicates that we could raise the ratings if KLPP makes further progress on its strategic plan to broaden its sources of premium and risk diversity in the next 6-12 months. On Aug. 30, 2019, S&P Global Ratings affirmed its 'BB' long-term insurer financial strength and issuer credit ratings on Cyprus-based KLPP Insurance and Reinsurance Co. The outlook is positive. The
