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Italian Insurer Fondiaria-SAI And Subs 'B' Ratings Kept On Watch Developing On Unipol Deal And Estimated Higher Losses Feb 12
Standard & Poors, February 2012
Italian insurer Fondiaria-SAI SpA (Fondiaria-SAI) announced its revised estimates for higher year-end 2011 losses and a weaker Solvency 1 margin on Jan. 30, 2012. Fondiaria-SAI's board also approved a capital increase of up to -1.1 billion. We understand that Unipol Gruppo Finanziario SpA (UGF), which has agreed to fully underwrite the -400 million rights issue announced by Premafin HP (Premafin), Fondiaria-SAI's holding company, aims to merge its core operating subsidiary Unipol Assicurazioni SpA (Unipol) with Premafin and Fondiaria-SAI and its "core" subsidiary Milano Assicurazioni SpA. We are maintaining the 'B' long-term ratings on Fondiaria-SAI, its "core" subsidiary Milano Assicurazioni SpA, and its "non strategically important" subsidiary SIAT-Societ- Italiana Assicurazioni e Riassicurazioni pA on CreditWatch with developing implications. The CreditWatch reflects...
Companies mentioned in this report are: Fondiaria-SAI SpA,SIAT - Societa Italiana Assicurazioni e Riassicurazioni pA,Milano Assicurazioni SpA
Action: CreditWatch Update
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
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Fondiaria-SAI SpA,SIAT - Societa Italiana Assicurazioni e Riassicurazioni pA,Milano Assicurazioni SpA