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

Abstract
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

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Research type: News
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Fondiaria-SAI SpA,SIAT - Societa Italiana Assicurazioni e Riassicurazioni pA,Milano Assicurazioni SpA

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