Insurer Financial Strength Rating

CSPI Ratings' Insurer Financial Strength Rating (IFSR) serves as a globally comparable and forward-looking opinion,
providing valuable insights into an insurance operating company's ability to meet its policyholder obligations promptly and in full.
This assessment, ranging from AAA to D, is not only instrumental for investors evaluating an insurance company's financial standing
but is equally crucial for insurance clients, intermediaries, and other credit counterparties.

Forward-Looking Financial Assessment

The IFSR offers a forward-looking perspective, anticipating an insurance company's capability to honor policyholder obligations
in a timely and comprehensive manner.

Relevance to Various Stakeholders

Beyond investors, the IFSR holds significant value for insurance clients, intermediaries, and other credit counterparties.
It provides a comprehensive understanding of an insurer's financial strength.

Exclusionary Scope

The IFSR applies to insurance operating companies engaged in life and annuities, property and casualty (P&C),
life and/or P&C reinsurance, and health insurance. However, it excludes insurers involved in mortgage insurance,
credit, and guarantee insurance.

Rating Scale

The IFSR utilizes a rating scale from AAA to D, each category representing a distinct level of creditworthiness.
The AAA to BBB categories signify insurers with an "Extremely Strong" to "Adequate" ability to meet policyholder obligations.

The BB to C categories are assigned to insurers with a "Marginally Adequate" to "Highly Vulnerable" ability to repay policyholder liabilities.
+/- modifiers offer additional granularity within each category.

The RS designation indicates insurers under regulatory supervision due to failure to meet solvency or other prudential requirements.

The D designation is assigned to insurers in default on their policyholder liabilities.

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