LONDON--(BUSINESS WIRE)--A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of SIAT-Società Italiana Assicurazioni e Riassicurazioni p.A. (SIAT) (domiciled in Italy), a subsidiary of UnipolSai Assicurazioni S.p.A. (UnipolSai). The outlook of these Credit Ratings (ratings) remains stable.
The ratings reflect SIAT’s adequate risk-adjusted capitalisation, solid operating performance and well-established market position as one of the leading marine insurers in Italy. In addition, the ratings reflect the company’s strategic importance to UnipolSai as its specialist hub for marine business and its close integration within the wider group. An offsetting rating factor is the company’s exposure to Italian government bonds, which represent a significant share of its investment portfolio.
SIAT’s capital position has benefited from internal capital generation despite dividends paid to the parent company. Performance volatility is limited by the extensive use of reinsurance, with the resulting exposure to credit risk partly mitigated by the good credit quality of its reinsurance panel. In 2016, the company reported underwriting profits in line with the previous year with a combined ratio of 86% (2015: 85%), continuing the track record of solid underwriting performance achieved since 2006.
SIAT is the second largest marine underwriter in Italy’s insurance market and has a strong presence in the hull and cargo segments. In addition, the company’s business profile is strengthened by its association with UnipolSai, which is a leader in the Italian insurance market.
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