A.M. Best Affirms Credit Ratings of SIAT-Società Italiana Assicurazioni e Riassicurazioni p.A.

LONDON--()--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.

This press release relates to rating(s) that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

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Contacts

A.M. Best
Filippo Novella, +44-20-7397-0304
Associate Financial Analyst
filippo.novella@ambest.com
or
Catherine Thomas, +44-20-7397-0281
Senior Director, Analytics
catherine.thomas@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Filippo Novella, +44-20-7397-0304
Associate Financial Analyst
filippo.novella@ambest.com
or
Catherine Thomas, +44-20-7397-0281
Senior Director, Analytics
catherine.thomas@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com