A.M. Best Europe has affirmed the financial strength rating of “A (Excellent)” and issuer credit rating of “a” of Eni Insurance Limited. The outlook for both ratings remains stable.
Eni Insurance is the sole captive of Eni S.p.A., an Italian multinational gas and oil company with operations in more than 80 countries.
The ratings reflect Eni Insurance’s strong risk-adjusted capitalisation, its comprehensive reinsurance programme as well as its good, albeit relatively volatile, financial performance.
“Negative rating actions could occur if Eni Insurance’s underwriting profitability were to trend negatively going forward and/or a significant deterioration of its risk-adjusted capitalisation were to occur linked to no evidence of support from Eni S.p.A to boost the latter,” said A.M. Best Europe.
“In addition, if the captive’s importance as a risk management tool were to be reduced within the group then negative ratings pressure would arise.”
