AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" to ITA International Insurer (ITA International) (Puerto Rico). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of "a-" of Investors Trust Assurance SPC (ITA SPC) (Cayman Islands). The outlook of these ratings is stable. ITA International and ITA SPC are both owned by ITA Insurance Holdings LLC.
The ratings reflect ITA International and ITA SPC’s balance sheet strength, which AM Best categorizes as strong, as well as their strong operating performance, neutral business profile and appropriate enterprise risk management.
The ratings reflect the currently high level and quality of capital of the group along with its favorable liquidity profiles and solid asset growth. Asset quality within the group’s fixed income portfolio has also shown improvement over time. With regard to operating performance, the company has continued to display favorable returns on equity and assets while delivering strong sales during the COVID-19 pandemic. The group also continues to grow business rapidly in Asia, Europe and the Middle East to complement its strength in the Latin America markets. Offsetting the benefits of this geographic expansion are challenges with the additional regulatory concerns and political risks associated with developing business in these new markets. Regardless, AM Best anticipates that the introduction of ITA International will have a favorable impact on the group as it provides and allows for U.S. jurisdictional overview on the group’s products.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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