KBRA Affirms Insurance Financial Strength Rating for Independent Life Insurance Company
20 Apr 2026 | 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 solid operating company capitalization, seasoned executive team with extensive product expertise, established relationships with key partners, focus on continued growth and diversification in distribution and products, and its ability to profitably develop a respectable market share in a growing market.
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 at its highly levered parent holding company, Independent Insurance Group.
Factors that could positively impact the rating include the development of a sustained track record of strong profitability, material internal capital generation over time, strong relative investment performance through cycles, and controlled, profitable diversification of products, 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, lack of material internal capital generation, material investment losses or portfolio underperformance relative to management’s expectations, considerable decline in capitalization relative to targets, departure of key members of the management team without suitable replacement in a timely manner, and failure of its parent to make capital contributions to ILIC when and as needed.
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