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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  UnipolSai Assicurazioni    US   IT0004827447

UNIPOLSAI ASSICURAZIONI

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UnipolSai Assicurazioni : AM Best Affirms Credit Ratings of SIAT-Societa Italiana Assicurazioni e Riassicurazioni p.A

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07/12/2019 | 08:52am EDT

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' of SIAT-Societa Italiana Assicurazioni e Riassicurazioni p.A. (SIAT) (Italy), a subsidiary of UnipolSai Assicurazioni S.p.A. (UnipolSai).

The outlook of these Credit Ratings (ratings) remains stable.

The ratings reflect SIAT's balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

SIAT's risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), deteriorated materially in 2018 due to a significant increase in reinsurance recoverables. However, BCAR is expected to return to the strongest level by year-end 2019 once a large gross claim is settled. AM Best does not expect the company to encounter any issues recovering from its reinsurers given its long-standing relationships and the credit quality of its reinsurance panel. Prospective capital adequacy also is expected to benefit from good internal capital generation.

The company maintains a strong liquidity profile, with liquid investments accounting for approximately 115% of its year-end 2018 net technical liabilities. Partially offsetting factors in the balance sheet strength assessment include the company's investment concentration in Italian government bonds and its dependence on reinsurance to write high-value risks.

In 2018, SIAT's pre-tax profits decreased to EUR 0.5 million from EUR 7.2 million in 2017, due to a significant deterioration in its claims experience. Prior to 2018, SIAT had a long track record of net underwriting profits, with combined ratios below 90% reported in each of the previous three years (2015-2017). Historically, volatility has been contained by an effective reinsurance programme. AM Best expects SIAT to achieve a return on equity in the high-single digits in 2019, supported by selective underwriting and moderate improvements in pricing for marine insurance lines.

SIAT has an established reputation as a niche insurer in the marine hull and cargo segments, where it ranks among the leading players in Italy. In addition, the company's business profile is strengthened by its association with UnipolSai, a large Italian insurer. SIAT benefits from a developed ERM framework, with the risk function being centralised at the group level.

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best's Credit Ratings. For information on the proper media use of Best's Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best's Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global rating agency and information provider with a unique focus on the insurance industry.

(C) 2019 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
UNIPOL GRUPPO SPA -1.99% 4.527 End-of-day quote.31.30%
UNIPOLSAI ASSICURAZIONI -1.68% 2.348 End-of-day quote.20.82%
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Financials (EUR)
Sales 2019 11 547 M
EBIT 2019 -
Net income 2019 578 M
Debt 2019 3 005 M
Yield 2019 6,21%
P/E ratio 2019 11,2x
P/E ratio 2020 10,5x
EV / Sales2019 0,83x
EV / Sales2020 0,80x
Capitalization 6 527 M
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Technical analysis trends UNIPOLSAI ASSICURAZIONI
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Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 6
Average target price 2,32  €
Last Close Price 2,35  €
Spread / Highest target 6,47%
Spread / Average Target -1,33%
Spread / Lowest Target -14,8%
EPS Revisions
Managers
NameTitle
Matteo Laterza General Manager
Carlo Cimbri Chairman
Maurizio Castellina Head-Administration & Operations
Fabio Cerchiai Vice Chairman
Pierluigi Stefanini Vice Chairman
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