Research Update: Italian Insurer Unipol 'BBB+' Ratings Kept On Watch Negative On Merger Plans With Fondiaria-SAI Feb 12
- Language: English
- Published: February 2012
- Region: Italy
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
The ratings on Italy-based composite insurer UGF group (UGF), its core operating entity UGF Assicurazioni SpA (insurer financial strength rating A-/Stable), and its holding company Unipol Gruppo Finanziario SpA (counterparty credit rating BBB/Stable/--) reflect its strong competitive position in the Italian insurance market; strong, albeit pressured, earnings; and strong financial flexibility. Offsetting factors are UGF's high dependence on nonproprietary channels and concentration on a single-name distribution network, which constrain its competitive position and the profitability of its life business. UGF has a strong competitive position in the Italian insurance market, achieved through a well-recognized brand name, particularly in the northern Italian regions, and a solid, stable customer base. The group targets mainly retail customers and small and midsize enterprises (SMEs),...
Companies mentioned in this report are: Unipol Gruppo Finanziario SpA,UGF Assicurazioni SpA
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Unipol Gruppo Finanziario SpA,UGF Assicurazioni SpA