Five European insurers suffer Moody’s downgrade

Unipol, Mapfre, Caser, Allianz Italy and Generali have all had their Insurance Financial Strength Rating (IFSR) downgraded by rating agency Moody’s.

Unipol Assicurazioni S.p.A. had its IFSR downgraded to A3 from A2 and remains on review for downgrade. Mapfre Global Risks had its IFSR downgraded to A2 from Aa3, while Mapfre Asistencia also had its IFSR downgraded to A3 from A1.

Both were given a negative outlook. Caser S.A. had its IFSR downgraded to Baa1 from A3 and was placed on review for further downgrade.

Assicurazioni Generali S.p.A. and its subsidiaries had their IFSR downgraded to A1 from Aa3, with a negative outlook. Allianz S.p.A. had their IFSR downgraded to A1 from Aa3, with a negative outlook. Allianz SE, Aviva Plc and AXA SA also had their outlooks changed from stable to negative.