30th August 2019: rating agency Standard and Poor’s affirmed their “BB” rating on KLPP with Positive outlook.

According to the rating agency, KLPP continues to make progress in building up our franchise in the international (re)insurance market by diversifying its operations by regions and lines of business.

The geographical presence of the Company is expanding in the framework of reinsurance activity in the overseas markets, as well as stable development in the home region carrying on.

The positive outlook indicates that KLPP is able to carry out its strategic plan to broaden its sources of premium and risk diversity, and will maintain the high level of excess capital and conservative investment policy.

This result fully corresponds with our plans and reflects the tendency for growing written premium that goes far ahead of the expectations. The company expands its global p     resence as an international reinsurer and maintains its positions on the local Cypriot market.

KLPP fully complies with all of the regulator’s requirements. Solvency II indicators are at exceptionally high levels, which is confirmed by the company’s auditors.

We look forward to develop in the same spirit: to keep our main parameters at the planned levels, to grow our geographical presence, to strengthen our team and to develop our underwriting expertise with the use of IT technologies which are an essential element of success in the modern business environment.

Full rating report can be found at the website: https://www.standardandpoors.com/en_US/web/guest/ratings/entity/-/org-details/sectorCode/INS/entityId/576069 (need registration)

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