We believe KLPP Insurance and Reinsurance Co. LTD. (KLPP) is well placed to continue with developing its franchise, and to expand and diversify its business portfolio in 2020. KLPP's solid capitalization remains a key rating strength, and we expect the company will maintain significant buffers above the 'AAA' level over 2020-2021 as per our capital model over 2020-2021. We are therefore affirming our insurer financial strength and issuer credit ratings on KLPP at 'BB'. The positive outlook reflects that we could raise the ratings if KLPP continues to execute its strategic plan, broadening its premium sources and risk diversity by diversifying its business by region and business line. On May 14, 2020, S&P Global Ratings affirmed its 'BB' long-term insurer
