AMSTERDAM--(BUSINESS WIRE)--AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of UnipolSai Assicurazioni S.p.A. (UnipolSai) (Italy) and its subsidiary, SIAT-Società Italiana Assicurazioni e Riassicurazioni p.A. (Italy), remain unchanged following the announcement of a proposed transaction consisting of the merger of UnipolSai into Unipol Gruppo S.p.A (Unipol Gruppo), whose corporate name will change subsequently to Unipol Assicurazioni. The outlook of these Credit Ratings (ratings) is stable.
The announcement also includes a Public Voluntary Cash Tender Offer by Unipol Gruppo for all the shares of UnipolSai not held, directly or indirectly, by Unipol Gruppo itself. At the moment, Unipol Gruppo owns, directly and indirectly, 85.2% of UnipolSai, and is the largest shareholder with minority stakes in two Italian banks, BPER Banca S.p.A. and Banca Popolare di Sondrio S.p.A.
AM Best does not anticipate that UnipolSai’s credit profile will be impacted materially by this transaction based on the information currently available. However, AM Best will continue to monitor the progress of the merger in order to evaluate further the impacts of the proposed transaction as details are finalised. The implementation and timing of the merger is subject to receipt of regulatory approvals. The expectation is that the merger will be finalised before year-end 2024.
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