Enel Insurance N.V. (EINV) has had its financial strength rating of A- and long-term issuer credit rating of “a-” affirmed by A.M. Best.
A.M. Best classified EINV’s balance sheet strength as very strong, as well as noting its adequate operating performance, neutral business profile and appropriate enterprise risk management.
EINV’s balance sheet strength assessment is underpinned by the strongest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio.
EINV’s underwriting performance over the past five years (2014-2018) compares positively with its targeted through-the-cycle combined ratio of 95 percent to 100 percent.
Eventually, AM Best expects the captive to attain near break-even underwriting results and low-single-digit returns on equity.