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Bulletin: Italian Insurer UGF Group Ratings Unchanged On End Of Bancassurance Partnership With BNP Paribas And BNL Vita Sale
Standard & Poors, April 2011
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
PARIS (Standard & Poor's) April 12, 2011--Standard & Poor's Ratings Services said today that its long-term counterparty credit and insurer financial strength ratings on Italian composite insurer UGF group (UGF; core operating entity UGF Assicurazioni SpA, A-/Negative/--) are unaffected by the announced termination of its bancassurance distribution partnership with French bank BNP Paribas and the related sale of UGF's 51% interest in its bancassurance joint venture BNL Vita SpA. We had already factored into the ratings the scheduled end of this distribution agreement at year-end 2011, and the absence of any plans for renewal. In particular, we had taken into account, in our assessment of UGF's competitive position, the loss of the BNL Vita large distribution network, and the expected...
Companies mentioned in this report are: UGF Assicurazioni SpA
Action: Bulletin
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