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, and its holding company Unipol Gruppo Finanziario SpA reflect Standard & Poor's Ratings Services' view of UGF's strong and sustainable competitive position in the Italian insurance market, strong financial flexibility, and improving risk management. Partially offsetting factors are constrained earnings and only good capitalization. We view UGF as benefiting from its strong competitive position, sustained by wide distribution capabilities, a well diversified business mix, a well-recognized brand, and close ties with its customer base. As a leading Italian insurer, UGF benefits from its critical mass, which represents a sharp competitive edge in terms of cost efficiency. UGF's high reliance on third-party distribution networks in...
Companies mentioned in this report are: UGF Assicurazioni SpA
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