AM Best Affirms Credit Ratings of International Traders Insurance Co., Ltd.

AUGUST 28, 2026 11:59 AM (EDT)

AM Best Affirms Credit Ratings of International Traders Insurance Co., Ltd.

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FOR IMMEDIATE RELEASE

OLDWICK - AUGUST 28, 2026 11:59 AM (EDT)
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of International Traders Insurance Co., Ltd. (ITICO) (Turks and Caicos Islands, British West Indies). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect ITICO's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

The stable outlooks reflect AM Best's expectation that ITICO will maintain its very strong balance sheet strength assessment over the intermediate term with strong operating performance contributing to surplus growth needed to support an expanding book of business.

The ratings also reflect the company's strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), supported by its consistent historical profitability. Partially offsetting these positive rating factors is the inherent risks of ITICO's expansion and diversification initiatives.

ITICO is a reinsurance company with more than 40 years of experience in the segment. The company is domiciled in the Turks and Caicos Islands and has a portfolio of business written worldwide. The company has a representative office in Panama, through which it provides clients access to the Latin American and Caribbean markets. ITICO is owned by a pure holding company that is domiciled in the Cayman Islands.

Within the reinsurance market, ITICO stands out for its commercial relationships with clients and ceding companies and for the structuring of reinsurance programs based on clients' needs.

ITICO's business portfolio as of December 2025 was mainly composed of fire (49%), group life (18%) and the rest in other business lines. In addition to Panama, the company is increasing its geographic diversification, mainly across Latin America and other countries. As of December 2025, the company had reinsurance contracts in more than 91 countries, following a global growth strategy that prioritizes sustainable profitability.

ITICO's risk-adjusted capitalization historically has stood at the strongest level due to its conservative investment base, low retention profile and good quality of capital, and is projected to remain at that level. Conversely, management is prone to use its capital efficiently, which might lead to future dividends.

The company's overall results are characterized by sustained profitability, despite fluctuations in its volume of gross written premium in recent years. ITICO's loss ratio has remained contained due to its prudent underwriting practices. The company's investment income has shown a positive trend, moderately supporting ITICO's income generation.

Factors that could lead to positive rating actions include continued growth of ITICO's capital base in the medium term, supporting the strongest level of risk-adjusted capitalization, as measured by BCAR, while the company maintains strong operating performance. Negative rating actions could occur if premium growth or changes in its investments or underwriting risk profile reduce risk-adjusted capitalization to a level that no longer supports the ratings. Negative rating actions could also occur if ITICO's business strategy has an unfavorable development and concentration increases in targeted locations or if operating performance metrics shift to levels no longer consistent with the strong assessment.

The methodology used in determining these ratings is Best's Credit Rating Methodology (Version Aug. 29, 2024), which provides a comprehensive explanation of AM Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Key insurance criteria reports utilized:

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• Evaluating Country Risk (Version June 6, 2024)
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• Understanding Global BCAR (Version July 16, 2026)
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• Catastrophe Analysis in AM Best Ratings (Version Feb. 27, 2026)
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• Available Capital and Insurance Holding Company Analysis (Version Sept. 18, 2025)
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• Scoring and Assessing Innovation (Version Feb. 20, 2025)
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View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, relevant sources of information and the frequency for updating ratings, please refer to Guide to Best's Credit Ratings.

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• Previous Rating Date: Aug. 7, 2025
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• Initial Rating Date: July 19, 2021
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• Date Range of Financial Data Used: Dec. 31, 2021-Dec. 31, 2025
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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 use of Best's Credit Ratings (BCR), Best's Performance Assessments (PA), Best's Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.