OCTOBER 1st, 2013
  A.M. Best Reaffirms Ratings for Investors
Trust Assurance SPC
A.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb+” and the financial strength rating (FSR) of B++ (Good) of Investors Trust Assurance SPC (ITA) (Cayman Islands). The outlook for the FSR is stable, while the outlook for the ICR was revised from stable to negative.

The rating affirmations acknowledge ITA’s profitable operations and strong risk-based capitalization measures. ITA has relatively limited insurance risks because its policies carry a limited death benefit. The ratings also acknowledge ITA’s broad network of independent financial advisors in Latin America and Asia Pacific, management’s prior history of relevant investment marketing experience and increases in new sales for the current year driven by a growing international presence. A.M. Best will continue to monitor ITA’s overall performance, particularly the performance of its fixed income portfolio and ability to attain profitable spreads.

The revised outlook for the ICR is due to ITA’s elevated exposure to below investment grade structured securities. While many of these securities are rated below investment grade, the portfolio is performing to pricing expectations. The issuer credit rating (ICR) is given even though the company does not have nor plans to issue any long term debt. The rating actions also recognize the company’s reliance on the market value of assets under management for a portion of revenue. Another challenge for ITA is to achieve a favorable market investment portfolio performance in the current difficult economic climate and the continued changing global regulatory environment.

Since its launch in 2002, ITA has gained a leadership position in the international insurance market. ITA is a Cayman Islands-based international insurance company with presence in more than 30 countries, and also a member of the Association of International Life Offices (AILO).

For Best’s Credit Ratings, an overview of the rating process and rating methodologies, please visit:

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at:
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