Press Release|Insurance

KBRA Affirms Insurance Financial Strength Rating for Independent Life Insurance Company

26 Apr 2024   |   New York


KBRA affirms the insurance financial strength rating (IFSR) of A- for Independent Life Insurance Company (ILIC). The Outlook is Stable. ILIC is a structured settlement life insurer domiciled in Texas and headquartered in Florida.

ILIC’s rating reflects its sound operating company capitalization, seasoned executive team with extensive product expertise, established relationships with key partners, continued growth and diversification in distribution, maintenance of market share in a growing market, and support from its investors.

Balancing these strengths are competition and execution risk, minimal product diversification, regulatory exposure, key person risk, and the potential future pressure and current opportunity cost related to high-cost debt held at its highly levered parent holding company, Independent Insurance Group.

Factors that could positively impact the rating include sustained track record of profitability, material internal capital generation, solid investment performance, or continued diversification of distribution channels and earnings.

Factors that could negatively impact the rating include sustained material shortfalls in financial results relative to management projections provided to KBRA, material investment losses, considerable decline in capitalization relative to targets, departure of key members of the management team, or failure of parent to make needed capital contributions to ILIC.

To access rating and relevant documents, click here.

Click here to view the report.



Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003797

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