OCTOBER 07, 2022 11:37 AM (EDT)
AM Best Places Credit Ratings of Net Insurance S.p.A. Under Review with Developing Implications Following Announced Takeover Bid
|Andrea Porta |
Associate Financial Analyst
+31 20 308 5430
Pierre Tournier FSA, CFA, CERA
+31 20 308 5423
Manager, Public Relations
+1 908 439 2200, ext. 5159
+1 908 439 2200, ext. 5098
FOR IMMEDIATE RELEASE
AMSTERDAM - OCTOBER 07, 2022 11:37 AM (EDT)
AM Best has placed under review with developing implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Net Insurance S.p.A. (Net Insurance) (Italy) following the announcement that its ordinary shares and warrants are subject to a full voluntary takeover bid by Poste Vita S.p.A. (PV) and IBL Banca (IBL).
On Sept. 28, 2022, Net Insurance announced that it had been notified that PV and IBL have made the decision to establish a joint stock company, which will make a full voluntary takeover bid of Net Insurance by acquiring all ordinary shares and warrants. Subsequently, Net Insurance’s shares and warrants are expected to be delisted from Euronext Milan. The transaction is contingent on regulatory approval.
These Credit Ratings will remain under review until the transaction closes and AM Best has completed its review of the impact to Net’s credit rating fundamentals, including any change in capital management or business strategy, as well as any potential support derived from the change in ownership.
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.