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.