Best’s News & Research Service - April 06, 2023 12:09 PM (EDT)
AM Best Withdraws Credit Ratings of Societa Cattolica di Assicurazione S.p.A.
- April 06, 2023 12:09 PM (EDT)
Amsterdam //BestWire// - AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Societa Cattolica di Assicurazione S.p.A. (Cattolica) (Italy), a subsidiary of Assicurazioni Generali S.p.A. (Generali). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn the ratings as Cattolica has requested to no longer participate in AM Best’s interactive rating process.
The ratings of Cattolica factor in the entity’s strategic importance to Generali, as Cattolica’s market presence in Italy complements Generali’s previously existing position, making it the leader in Italy’s non-life segment.
The ratings reflect Generali’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, very favourable business profile and appropriate enterprise risk management.
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, Best’s Performance Assessments, Best’s Preliminary Credit Assessments 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 specialising 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.