AM Best affirms UnipolRe ratings
Rating agency AM Best has affirmed the ratings of UnipolRe, the reinsurer launched last year by UnipolSai Assicurazioni.
UnipolRe’s financial strength rating was affirmed at A- (excellent) and its long-term issuer credit rating was affirmed at a-.
AM Best said the affirmation reflects the reinsurer’s excellent risk-adjusted capitalisation and good actual and prospective operating performance.
“In addition, the ratings consider UnipolRe’s strategic importance to the group headed by its parent, UnipolSai Assicurazioni,” said the rating agency.
UnipolRe now operates as a European third-party reinsurer. Until the end of 2014, it operated as a group reinsurance captive.
AM Best added: “The company has built up its capital and surplus over the past several years and has an excellent level of risk-adjusted capitalisation, which is expected to continue in 2016 and into 2017, supported by additional capital contributions from its parent as the company expands in line with its new business strategy.”
According to the rating agency, UnipolRe seeks to differentiate itself by working in partnership with small and medium-sized cedant clients.
A key element of its business plan is to build on relationships with potential cedants that already exist through UnipolSai. This approach produced €22.8 million ($25.6 million) of business from these sources in 2015.
