CONTACTS:
FOR IMMEDIATE RELEASE
AMSTERDAM - JUNE 05, 2023 09:03 AM (EDT)
AM Best has commented that the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of UnipolRe Designated Activity Company (UnipolRe) (Ireland) remain unchanged following a decision to place the company in run-off and merge it into its parent, UnipolSai Assicurazioni S.p.A. (UnipolSai). The outlook of these Credit Ratings (ratings) is stable.
AM Best does not anticipate that UnipolRe’s credit profile will be impacted by this decision, as the ratings of UnipolSai and UnipolRe stand at the same level. The implementation and timing of the merger is subject to receipt of regulatory and court approvals in Ireland and Italy. The expectation is that the merger will be finalised before year-end 2023. AM Best will continue to monitor UnipolRe and the progress of the merger.
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.