A.M. Best Assigns Ratings to UnipolRe Limited

LONDON--(BUSINESS WIRE)-- A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to UnipolRe Limited (UnipolRe) (Ireland), a wholly owned subsidiary of UnipolSai Assicurazioni S.p.A. (UnipolSai) (Italy). The outlook assigned to both ratings is stable.

The assignment of the ratings to UnipolRe follows the decision by the directors of UnipolSai and UnipolRe to change UnipolRe’s business operations from a group reinsurance captive to a third-party reinsurer. The ratings reflect the company’s excellent risk-adjusted capitalisation and good prospective operating performance. In addition, the ratings are reflective of UnipolRe’s strategic importance to UnipolSai.

UnipolRe has been operating as a group reinsurance captive since 1998 and has been able to build up its capital and surplus over the past several years. It has an excellent level of risk-adjusted capitalisation, which is forecast to continue in 2015 and subsequently, as the company establishes itself as a European third-party reinsurer.

Current conditions make this a challenging time to enter the European reinsurance market. UnipolRe will seek to differentiate itself in a soft and competitive market by working in partnership with small and medium-sized cedant clients. The company’s small underwriting team has extensive experience in its target markets, and slow measured growth is anticipated over the next five years. The company’s business profile is enhanced by its association with UnipolSai. Although the group operates predominately within Italy, it is well known throughout Western Europe, given its leading position in the Italian non-life and life insurance markets.

In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M. Best Europe - Rating Services Limited Supplementary Disclosure.

This press release relates to rating(s) that have been published on A.M. 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 visit A.M. Best’s Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150911005522/en/

A.M. Best Co.
David Drummond
Senior Financial Analyst
+(44) 20 7397 0327
[email protected]
or
Catherine Thomas
Senior Director, Analytics
+(44) 20 7397 0281
[email protected]
or
Christopher Sharkey
Manager, Public Relations
+(1) 908 439 2200, ext. 5159
[email protected]
or
Jim Peavy
Assistant Vice President, Public Relations
+(1) 908 439 2200, ext. 5644
[email protected]

Source: A.M. Best Co.

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