BEST’S COMPANY REPORTITA INSURANCE HOLDINGS LLC
Domiciliary Address: Delaware United States
AMB #: 044643

NAIC #: N/A

FEIN #: N/A

Phone:

Fax:

Website: N/A

ITA INTERNATIONAL INSURERADomiciliary Address: 268 Ave. Ponce de Leon, Suite 1406, San Juan, Puerto Rico 00918 United States
AMB #: 062408

NAIC #: N/A

FEIN #: 66-0893724

Phone:

Fax:

Website: N/A

www.ambest.com

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December 15, 2023

BEST’S COMPANY REPORT
Best's Credit Rating Effective Date
November 29, 2023

Best's Country Risk Reports
Utilized
Malaysia - CRT - 3
Analytical Contacts

ITA Insurance Holdings LLC
AMB #: 044643
Ultimate Parent: AMB # 052809 - ITA International Holdings LLC
Best's Credit Ratings - for the Rating Unit Members
Financial Strength Rating(FSR)

Issuer Credit Rating
(ICR)

A-

a-

Excellent

Excellent

Omar Mostafa
Senior Financial Analyst
Omar.Mostafa@ambest.com+1(908) 439-2200 Ext. 5000
Edward Kohlberg
Director
Edward.Kohlberg@ambest.com+1(908) 439-2200 Ext. 5664

Outlook: Stable

Outlook: Stable

Action: Affirmed

Action: Affirmed

Assessment Descriptors
Information
Best's Credit Rating Methodology
Guide to Best's Credit Ratings

Balance Sheet Strength

StrongMarket Segment Outlooks

Operating Performance

StrongBusiness Profile

NeutralEnterprise Risk Management

Appropriate

Financial Data Presented
The financial data in this report reflects themost current data available to the Analytical
Team at the time of the rating. Updates tothe financial exhibits in this report areavailable here: Best's Financial Report.

www.ambest.com

Rating Unit - Members
Rating Unit: ITA Insurance Holdings LLC | AMB #: 044643
AMB #062408Rating Unit Members
ITA International Insurer

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AMB #075811Rating Unit Members
Investors Trust Assurance SPC

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December 15, 2023

BEST’S COMPANY REPORTAMB #: 044643 - ITA Insurance Holdings LLC

Rating Rationale - for the Rating Unit Members
The Issuer Credit Ratings and Financial Strength Ratings of the member operating companies of the rating unit are determined inaccordance with Best's building block rating methodology as applied to the consolidated group's financial statements, and the
supporting analytics and results are described in the following sections of this report.
Balance Sheet Strength: Strong•

The risk-adjusted capitalization of ITA Insurance Holdings LLC (ITA) is assessed within the strongest category as measured byBest’s Capital Adequacy Ratio (BCAR). ITA’s BCAR has consistently measured within the strongest category over the most recent
periods as capital levels have grown steadily.

•

Positive quality of capital as ITA does not have any outstanding debt and does not rely on external financing to manage its
balance sheet. The holding company also maintains excess capital. Mitigating these strengths is ITA’s limited access to externalfinancing sources, if needed.

•

Limited insurance risk as all contracts are classified as investment contracts with the policyholder bearing downside market risks.

•

General account assets are concentrated in more complex structured securities: CLOs, CDOs, and commercial mortgage-backed
securities.

Operating Performance: Strong•

Continued trend of profitability driven by increasing fee income and favorable investment income partially offset with increasing
expenses commensurate with business growth. Return on equity (ROE) continues to be strong; 2022 ROE is 22.5% andprojected to be 25.1% in 2023.

•

Overall sales remain steady despite the economic turmoil in the Asia-Pacific region, which impacted sales in 2022. However,increased sales in the Europe, Middle East, and Africa (EMEA) region more than offset the strain in Asia-Pacific along with
continued strong performance in the Latin America (LATAM) region.

•

Country risk attributes can impede growth initiatives in the foreign countries as regulatory changes can occur creating
distribution and sales disruptions.

Business Profile: Neutral•

ITA's product offerings include unit-linked investment contracts, index-linked investment contracts, access portfolio investment
contracts and guaranteed fixed-income investment contracts. The policies also contain a guaranteed death benefit rider.

•

Policies are distributed through a network of independent financial advisors in various countries in the LATAM, Asia-Pacific and
EMEA regions providing geographic diversification leading to an improved market position, partially offset with a high degree ofcompetition.

•

Product risk is low as there is a relatively small amount of mortality risk under each policy with limited insurance underwriting
risk, which reduces the risk of high claim exposure from any single policyholder.

•

ITA operates in some higher-risk countries with uncertain economic and regulatory environments.

Enterprise Risk Management: Appropriate•

Implemented an enterprise risk management (ERM) dashboard management tool, which is reviewed quarterly to assess andmitigate primary risks, along with a detailed risk register with proper controls fully integrated into daily operations at various
levels of the group.

•

Associated risks have mitigation factors along with strategic plans including an enhanced anti-money laundering program.

•

Challenges posed by regulatory and/or economic uncertainty risk from revenue streams in higher-risk countries are a material
risk to the group.

•

Cyber-security technologies and policies have been implemented for the purposes of data protection, as well as network and web
security.

Outlook•The stable outlooks reflect the group's maintenance of a strong balance sheet strength assessment as supported by risk-adjusted
capitalization at the strongest level as measured by BCAR as well as strong operating performance.

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December 15, 2023

BEST’S COMPANY REPORTAMB #: 044643 - ITA Insurance Holdings LLC

Rating Drivers•

A negative rating action could occur if material negative changes occur in the qualitative and quantitative components of thebalance sheet.

•

A negative rating action could occur due to economic or political instability in developing markets, which can negatively impact
operating performance.

•

A positive rating action could result from continued growth internationally resulting in a stronger business profile.

Credit Analysis
Balance Sheet Strength
Capitalization
As a privately held company, ITA has limited access to external capital. However, ITA’s capital base has steadily grown year-over-year
through retained earnings. The total capital increased approximately 16.8% in 2022 as compared to 2021 due to continued strong
earnings. Additionally, total capital as of June 2023 reflects an increase of approximately 7% from year-end 2022.
Investors Trust Assurance SPC (“ITA SPC”), a subsidiary of ITA, pays an annual dividend to ITA based on ITA SPC's Dividend Policy. In
accordance with its Dividend Policy, ITA SPC, upon approval of the Company’s Board of Directors, may distribute any excess capital solong as the resulting capital of ITA SPC, after such distribution, meets or exceed ITA SPC’s Target Capital per the approved Capital
Policy of ITA SPC. ITA SPC typically pays a $7 million annual dividend. However, during 2018, 2019, and 2021, the company paid
extraordinary dividends of $73.2 million, $39.1 million, and $16.3 million, respectively. In each year, the extraordinary dividends wereused to capitalize the parent company and members of the group. In 2022, $7 million dividend was paid and it is forecasted that only
the $7 million dividend will be paid during 2023 and 2024. While dividends are part of ITA's capital management plan, it is notexpected to materially dampen the capital profile of the company.
A.M. Best expects that ITA’s risk-adjusted capitalization and financial strength will remain strong, supported by profitable andexpanding new contract placements. Risk-adjusted capitalization, as measured by the Global Best Capital Adequacy Ratio (Global
BCAR), remains at the strongest level, mainly due to consistent capital growth and the limited insurance risks associated with ITA SPC
and ITA International Insurer's unit-linked products. ITA does not rely on external debt or credit facilities to manage its balance sheet.
Asset Liability Management - Investments
The assets of the insurance companies can either be general account assets or segregated portfolio/segregated plan assets. The assets
within the segregated portfolio/segregated plan are comprised of contributed capital from policyholders. There is significant cash
generation & interest collection coming from the fixed income portfolio in the short & medium term. Some offsetting factors include no
meaningful regulatory capital requirements in the Cayman Islands and Puerto Rico, and general account assets that are predominately
supported by structured securities including CMBS and CDO's. The fixed Income portfolio has continued to improve over the year withsecurities rated CCC or below slightly increasing to only 4% of the portfolio as of June 2023 compared to approximately 2% of theportfolio as of June 2022. The fixed income portfolio also saw an improvement of AAA securities as it increased to 51% of the portfolio
as of June 2023 compared to 42% as of June 2022.
Holding Company Assessment
ITA SPC was founded in 2002 and is wholly-owned by ITH, which is wholly-owned by ITA International Holdings LLC (the “Ultimate
Parent Company”). The majority of the Ultimate Parent Company is owned by family trusts of John and William Zelaya. The Zelaya
family had sold insurance products in Latin America as master agents for Conseco, AIG, Generali, etc. Effective 2010, the Ultimate
Parent Company reorganized into a holding company structure. ITH and the Ultimate Parent Company reorganized into a holding
company structure. ITA and the Ultimate Parent Company’s management is currently comprised of an insider.
ITA SPC’s Board of Directors is currently comprised of insiders as well as two outside independent members.
The ITA group of companies has grown to almost 200 employees.
Currently the Ultimate Parent Company does not have a credit facility or debt outstanding as none is needed. All the securities held aremarketable and are potential sources of liquidity. ITA is a privately-owned organization that has subsidiaries offshore in the Cayman
Islands, Puerto Rico, and Malaysia with limited capital requirements. The Ultimate Parent Company assessment does not show any
additional strain on the lead operating unit at this time.

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BEST’S COMPANY REPORTAMB #: 044643 - ITA Insurance Holdings LLC

Balance Sheet Strength (Continued...)In 2018, ITA was formed, which is a Delaware limited company, and wholly-owned by the Ultimate Parent Company. The newly formed
insurance holding company has three distinct insurance operating companies under it as part of the multi-jurisdictional approach. ITA
SPC located in the Cayman Islands as of June 2002, ITA International Insurer located in Puerto Rico as of February 2018, and ITA Asia
Limited located in the Federal Territory of Labuan, Malaysia as of July 2018.
Operating Performance
ITA’s subsidiaries’ (the “ITA Insurance Companies”) revenue is generated by an initial sales load and an ongoing percentage of assets
under management. Given that most of the assets are held in a segregated portfolio/segregated plan and invested to match plan
participants' allocations, investment income received by the company is a small proportion of overall revenue.
During 2022, net income decreased from 2021 due to lower investment income and higher expenses compared to 2021. Further,
return on equity also decreased as of 2022 from the prior year to approximately 22.5% from 36.6% in 2021. During 2022, fee income
increased by 19% from 2021, along with the continued positive return on investment income. Total fee income that is not dependent
on market conditions continues to account for a significant portion of overall fee income in 2022. Fee income increased approximately
22% from June 2023 to June 2022.
New business volume declined from 2021 levels, however 2022 produced the second best year for new business over the past five
years. Renewals are also the highest it's been surpassing 2021. Latin America and specifically EMEA saw the largest increase in new
business, Asia Pacific saw the largest decline due to economic slow down in China.
Assets increased slightly as of year-end 2022 compared to year-end 2021. However, assets under administration increased from yearend 2022 through June 2023 as net contributions increased along with lower withdrawals, and increased market gain. ITA Insurance
Companies’ revenue stream is coming from numerous countries (including higher risk countries with uncertain elevated politicalenvironments), and about a third of revenue from assets under management is offset by fees directly deducted from investment
returns that are then rebated to the ITA Insurance Companies. A.M. Best believes that there is a growing demand for savings andinvestment solutions for middle market consumers outside of the U.S. Policies in force are expected to grow as the ITA Insurance
Companies further expand into emerging markets globally.
Business Profile
In 2019, the Ultimate Parent Company implemented a multi-jurisdictional approach to their insurance business with three distinct
independent insurance companies located in the Cayman Islands, Puerto Rico, and Malaysia. The ITA Insurance Companies haveexperience in long-term savings products focused on selling unit-linked and index-linked insurance products, as well as traditional fixedand variable annuities. ITA Insurance Companies have profitably established themselves among middle-class clientele, with the ability
to expand geographically due to its strong profile. ITA Insurance Companies’ core product portfolio is comprised of unit-linked
insurance policies distributed through a network of independent financial advisors in markets such as Latin America, Asia-Pacific, andEurope, the Middle East and Africa (EMEA). The unit-linked products are characterized by regular contributions over many years withsales loads, surrender charges, and other fees designed to be lower than those of its competitors while providing strong shareholder
returns. ITA Insurance Companies compete with several large international insurance companies that offer life insurance as well as
similar asset management products. The ITA Insurance Companies deal with policyholders from across the world (including those frompolitically volatile countries with high risk and different regulations). The company currently has limited insurance risk, with mortality
risk arising only from the return-of-premium if the life assured dies within five years of policy inception or a 101% return on accountvalue or surrender value upon the death of the life assured, depending on the product. Revenue is generated by initial policy load andthen an ongoing percentage of assets under management, both from the policyholder and as a rebate from the mutual fund. Besides
the on-going personnel costs, major expenses are coming from sales commissions as well as investment contract benefits. Unit-linked
policies are set-up to give policyholders access to name brand investment products in stable currencies, while accumulating assets overthe long term.
In 2018, as part of its continued diversification strategy, ITA International Insurer, a company established in Puerto Rico, was granted alicense in Puerto Rico for additional business growth, providing U.S. jurisdictions overview on products, and changing Investors Trust
Assurance SPC Labuan Branch in Malaysia into a fully independent licensed life insurance company - ITA Asia Limited. ITA Distribution,
an affiliate and the master distributor of the ITA Insurance Companies, continue to scale down on agencies and retain more qualified
agencies as a result of additional due diligence on the company’s part. ITA Distribution maintains strong relationships with distributors
and the ITA Insurance Companies and ITA Distribution have advanced technology and website access for distributors as well as clients.
The companies have a developed innovation process and regularly explores new projects on an ad-hoc basis. Innovation is a key focus
of management and results have had a favorable impact. Prior innovation projects and investment in technology have facilitated asmoother transition during the challenges of COVID-19, particularly with regard to business continuity and customer experience.

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December 15, 2023

BEST’S COMPANY REPORTAMB #: 044643 - ITA Insurance Holdings LLC

Enterprise Risk Management
ITA Insurance Companies employ a comprehensive enterprise risk management (ERM) strategy in line with the risks inherent in its
balance sheet, scope of operations, and business profile. The ITA Insurance Companies have exposure to credit risk, liquidity risk,
market risk, operational risk, insurance and persistency risk through its financial instruments. ITA Insurance Companies define their risk
appetite across the following major risk categories: reputational, competitive, conduct, regulatory and legal, financial, market,
strategic, outsourcing, operational, technology, and persistency and conflicts of interest. There is a Risk Committee, that has been
established for each insurance company, which meets independently on a quarterly basis, to review and manage the ERM dashboard.
Semi-annual risk rating evaluations are conducted with risk owners as well. The trending issues of the ITA Insurance Companies arereported to that entity’s respective Board of Directors at their quarterly meetings, with the Board approving the risk management
framework annually. ITA Insurance Companies have continued with enhanced annual online training programs with all employees, anda board culture of doing the right thing. The companies engage in an ERM Training Program for Directors, Senior Management and
Employees. Every employee is responsible for the effective risk management in their activities. An additional two-year assessment plan
to be conducted by KPMG on certain compliance functions within the companies including IT, AML, Business Continuity, Outsourcing,
Corporate Governance, and complaint process. KPMG was also engaged to assist with the development of a risk rating methodology torate plan participants, as well as an overall review of the ERM process. In addition to rating plan participants, risk ratings are
performed on insureds, payors, policy owners, as well as authorized and controlling persons. Grant Thornton was also engaged toenhance the ERM Risk Register to include duration of risk, risk appetite, and risk tolerance along with impact and probability on all
primary risks. Grant Thornton also focused on key areas such as country risks assessments and anti-money laundering risk
assessment.
The Cayman Islands has also issued new Monetary Authority guidance on market conduct, business continuity management, corporate
governance, and outsourcing. ITA SPC also has hired Grant Thornton as Risk Manager to enhance the ERM Risk Register, ERM
Framework, as well as ERM policies and procedures. The ERM register serves as a management tool used to assess and mitigate theCompany's primary risks and their controls.
As far as cybersecurity, the companies have placed an increased emphasis on data protection. IT staff receives cybersecurity training
and security policies (i.e., e-mail policies) have been implemented for all staff. Firewalls, gateway antivirus, and encryption are also
used for cybersecurity. Vulnerability assessments and two-factor authentication are also part of the web security ERM process.

Financial Statements
12/31/2022
Balance Sheet
Cash and Short Term Investments
Bonds
Equity Securities
Other Invested Assets
Total Cash and Invested Assets

12/31/2021

USD (000)%

USD (000)

219,859

7.1

244,290

870,79028.1

749,114

1,302,720

42.0

1,469,480

16,3220.5

2,600

2,409,691

77.6

2,465,484

Debtors / Amounts Receivable

16,3050.5

35,438Other Assets

677,52721.8

573,975

3,103,523

100.0

3,074,897

2,139,922

69.0

2,225,985

2,139,922

69.0

2,225,985

785,11725.3

698,138

2,925,039

94.2

2,924,123

Total Assets
Gross Technical Reserves:
Life Reserves
Total Gross Technical Reserves
Other Liabilities
Total Liabilities
Paid-in Capital
Retained Earnings
Other Capital and Surplus
Total Capital and Surplus
Total Liabilities, Mezzanine Items and Surplus

250

...

250

164,2445.3

136,534

13,9900.4

13,990178,4845.8

150,774

3,103,523

100.0

3,074,897

Source: BestLink ® - Best's Financial Suitewww.ambest.com

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December 15, 2023

BEST’S COMPANY REPORTITA Insurance Holdings LLC

Last Update
November 29, 2023

Operations

Identifiers
AMB #: 044643

Date Incorporated: October 17, 2018
Domiciled: Delaware, United States

Financial Data Presented

Business Type:

Life, Annuity, and Accident

The financial data in this reportreflects the most current data
available at the time the report was
printed.

Best's Credit Ratings
Rating Relationship
AM Best Rating Unit: 044643 - ITA Insurance Holdings LLC

Best's Credit Rating Effective Date: November 29, 2023
Refer to the Best’s Credit Report for AMB# 044643 - ITA Insurance Holdings LLC for details regarding the rating rationale, credit
analysis, and financial exhibits available at the time the credit analysis was performed.
Best's Credit Ratings
Long-Term
Issuer Credit
RatingAMB#

Rating Unit Members

Financial
Strength
Rating062408ITA International InsurerA-a-075811

Investors Trust Assurance SPC

A-a-

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December 15, 2023

BEST’S COMPANY REPORTITA International Insurer

Last Update
November 29, 2023
Identifiers
AMB #: 062408
FEIN #: 66-0893724
LEI #: 254900HFWSNNGEPGRA59

Operations
Date Incorporated: February 23, 2018
Domiciled: Puerto Rico, United States
Licensed: (Current since 02/19/2020). The company is licensed in Puerto Rico.

Contact Information
Domiciliary Address:
268 Ave. Ponce de Leon,
Suite 1406, San Juan, Puerto Rico
00918
United States

Business Type:
Organization Type:
Marketing Type:
Best's Financial Size
Category:

Life, Annuity, and Accident
Stock
Inactive
VIII (USD 100 Million to Less than 250 Million)

Financial Data Presented
The financial data in this reportreflects the most current data
available at the time the report was
printed.

Best's Credit Ratings
Rating Relationship
AM Best Rating Unit: 044643 - ITA Insurance Holdings LLC

Best's Credit Rating Effective Date: November 29, 2023
ITA International Insurer is a member of ITA Insurance Holdings LLC (AMB# 044643). ITA International Insurer is a member of the ITA
Insurance Holdings LLC rating unit as it is fully integrated into its parent's strategic plan and provides geographic domicile
diversification. Refer to the Best’s Credit Report for AMB# 044643 - ITA Insurance Holdings LLC for details regarding the rating
rationale, credit analysis, and financial exhibits available at the time the credit analysis was performed.

Best's Credit Rating History
AM Best has assigned ratings on this company since 2020. In our opinion, the company has an Excellent ability to meet their ongoinginsurance obligations and an Excellent ability to meet their ongoing senior financial obligations.
The following are the most recent rating events, for longer history refer to Rating History in BestLink:
Best's Financial
Best's Financial Strength Ratings
Effective Date

RatingAffiliation

OutlookBest's Long-TermIssuer Credit Ratings
ActionRatingOutlook

ActionCurrent Nov 29, 2023A-g (Group Rating)StableAffirmeda-StableAffirmed

Dec 9, 2022A-g (Group Rating)StableAffirmeda-StableAffirmed

Dec 10, 2021A-g (Group Rating)StableAffirmeda-StableAffirmed

Dec 3, 2020

A-g (Group Rating)StableAssigneda-StableAssignedwww.ambest.com

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Page 8December 15, 2023

BEST’S COMPANY REPORTAMB #: 062408 - ITA International Insurer

Financial Statements
Financial Statements reflected were compiled from the most recent company-filed statement available in BestLink - Best’s Statement
File – Global.
12/31/2022

Balance Sheet

12/31/2021

USD (000)%

Cash and Short Term Investments

101,387

7.3

98,653

Bonds

343,32924.7

222,482

Equity Securities

515,198

37.1

Other Invested Assets

16,322

1.2

Total Cash and Invested Assets

976,23670.2

805,568

Debtors / Amounts Receivable

15,246

1.1

34,468

1,389,662

100.0

1,106,408

12/31/2022
919,08866.1

12/31/2021
762,856

440,917
USD (000)
1,360,005
101,387750
343,329
7,955
515,198
20,952
16,322
29,657976,236
1,389,662
15,246

31.7
%
97.9
7.3
...
24.7
0.6
37.1
1.5
1.2
2.1
70.2
100.0
1.1

328,296
USD (000)
1,091,152
98,653
750
222,482
7,955
481,833
6,551
2,600
15,256805,568
1,106,408
34,468398,180

28.6

266,372

Financial Statements

USD (000)

481,833

AMB #: 062408 - ITA International Insurer
2,600

Financial
Other
AssetsStatements reflected were compiled from the most recent company-filed
398,180statement
28.6available in BestLink
266,372 - Best’s Statement
File– Global.
Total Assets

Gross Technical Reserves:
Total Gross Technical Reserves
Other
LiabilitiesSheet
Balance

Total Liabilities
Cash and Short Term Investments
Capital Stock
Bonds
Paid-in Capital
Equity Securities
Retained Earnings
Other Invested Assets
Total Capital and Surplus
Total Cash and Invested Assets
Total Liabilities, Mezzanine Items and Surplus
Debtors / Amounts Receivable
Source: BestLink ® - Best's Financial Suite
Other Assets

Assets Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance
1,389,662
1,106,408
A TotalBest's Financial
obligations. The 100.0
ratings are not assigned
to specific insurance policies or contracts
and do not address any other risk, including, but not limited to, an insurer's claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of

GrossTechnical Reserves:
misrepresentation
or fraud; or any specific liability contractually borne by the policy or contract holder. A Financial Strength Rating is not a recommendation to purchase, hold or terminate any
insurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser.

Total Gross Technical Reserves

919,088

66.1

Other
Liabilities
440,91731.7 security.
A Best's
Issue/Issuer Credit Rating is an opinion regarding the relative future credit risk of an entity, a credit commitment
or a debt or debt-like
Total Liabilities

1,360,005

97.9

762,856

328,296
1,091,152

Credit risk is the risk that an entity may not meet its contractual, financial obligations as they come due. These credit ratings do not address any other risk, including but not limited to liquidity risk,

market Stockvalue risk or price volatility of rated securities. The rating is not a recommendation to buy, sell or hold any securities,
contracts or any other
Capital
750 insurance policies,...
750 financial obligations, nor does it
address the suitability of any particular financial obligation for a specific purpose or purchaser.

Paid-in Capital

7,955

0.6

7,955

In arrivingEarnings
at a rating decision, AM Best relies on third-party audited financial data and/or other information provided
this information is believed
to be reliable, AM Best does not
Retained
20,952 to it. While 1.5
6,551
independently verify the accuracy or reliability of the information. Any and all ratings, opinions and information contained herein are provided "as is," without any express or implied warranty.

Total Capital and Surplus

29,657

2.1

15,256

Visit
https://www.ambest.com/ratings/index.html
forSurplus
additional information or https://www.ambest.com/terms.html
for details on theTerms of Use. For current
ratings visit www.ambest.com/ratings
Total
Liabilities, Mezzanine Items and1,389,662
100.0
1,106,408

Source: BestLink ® - Best's Financial Suite
A Best's Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. The ratings are not assigned to specific insurance policies or contracts
and do not address any other risk, including, but not limited to, an insurer's claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds ofmisrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. A Financial Strength Rating is not a recommendation to purchase, hold or terminate any
insurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser.
A Best's Issue/Issuer Credit Rating is an opinion regarding the relative future credit risk of an entity, a credit commitment or a debt or debt-like security.
Credit risk is the risk that an entity may not meet its contractual, financial obligations as they come due. These credit ratings do not address any other risk, including but not limited to liquidity risk,
market value risk or price volatility of rated securities. The rating is not a recommendation to buy, sell or hold any securities, insurance policies, contracts or any other financial obligations, nor does it
address the suitability of any particular financial obligation for a specific purpose or purchaser.
In arriving at a rating decision, AM Best relies on third-party audited financial data and/or other information provided to it. While this information is believed to be reliable, AM Best does notindependently verify the accuracy or reliability of the information. Any and all ratings, opinions and information contained herein are provided "as is," without any express or implied warranty.
Visit https://www.ambest.com/ratings/index.html for additional information or https://www.ambest.com/terms.html for details on the Terms of Use. For current ratings visit www.ambest.com/ratings

Copyright © 2023 A.M. Best Company, Inc. and/or its affiliates. All rights reserved.

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