A.M. Best Assigns B+ Financial Strength Rating to ELAN Insurance USVI, Inc.

A.M. Best Assigns B+ Financial Strength Rating to ELAN Insurance USVI, Inc.

CORAL GABLES, Florida—ELAN Insurance USVI, Inc. A.M. Best (St. Thomas, U.S. Virgin Islands) has been assigned a
Financial Strength Rating of B+ (Good) by A.M. Best. It is effective as of March 2, 2017, and the outlook assigned is stable.

“I’m proud of the hard work of my executive team and the commitment of our strategic partner, HealthSmart, to achieve
such a major milestone in only our first year of business. To be awarded a B+ rating by such a highly respected rating agency
is a testament to our transparency, experience and business plan. We are honored to be included in the top tier of carriers to
achieve such recognition,” said Omar Haedo, President and Treasurer of ELAN Insurance USVI, Inc. “Our plan is to accelerate our
growth in the islands and to bring new products online that provide more choice and access to the island communities.”

According to A.M. Best:
• The ratings reflect ESI’s business profile, projected premium and operating earnings growth and adequate level of
risk-adjusted capital.
• The company’s management is experienced in the Caribbean basin and has brought in service support to administer its
initial block of insured members while executing on its plan to grow and expand into other products or locales.
• Although absolute capital levels are expected to decline as premium grows, ESI is projected to maintain adequate levels
of risk-adjusted capitalization through operating gains.

About ELAN Insurance USVI, Inc.:
ELAN Insurance USVI, Inc. is the first local health insurance company in the U.S. Virgin Islands. The company is a corporation
organized in 2016 under the laws of the U.S. Virgin Islands to provide health insurance options to commercial business and
individuals in the Islands of Saint Thomas, Saint Croix and Saint John. The corporation has obtained the Certificate of
Authority of Insurance from the Division of Banking and Insurance of the U.S. Virgin Islands for the disability insurance class of
business. Elan’s principal office is located at 500 South Dixie Highway, Suite 306, Coral Gables, FL 33146. Resident agent of the
corporation is Marjorie Rawls Roberts, P.C., located at 5093 Dronningens Gade, Ste. 1 St. Thomas, U.S. Virgin Islands 00802.

About A.M. Best:
A.M. Best is a U.S.-based rating agency headquartered in Oldwick, New Jersey, that focuses on the insurance industry.
Both the U.S. Securities and Exchange Commission and the National Association of Insurance Commissioners have
designated the company as a Nationally Recognized Statistical Rating Organization (NRSRO) in the United States.
Unlike other NRSROs like Standard & Poor’s, Moody’s, Kroll Bond Rating Agency, and Fitch Ratings, whose ratings focus
on the business sector, A.M. Best historically has focused exclusively on the insurance marketplace. A.M. Best issues
financial-strength ratings measuring insurance companies’ ability to pay claims. It also rates financial instruments issued
by insurance companies, such as bonds, notes, and securitization products.

Additional information about A.M. Best and future rating updates are available at www.ambest.com.

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