AM Best comments on the credit ratings of Assicurazioni Generali SpA and its main subsidiaries following the announcement of a voluntary takeover bid for all the shares of Società Cattolica di Assicurazione SpA

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AMSTERDAM – (COMMERCIAL THREAD) –AM Best indicated that the financial strength rating of A (Excellent) and the long-term issuer credit ratings of “a +” (Excellent) of Assicurazioni Generali SpA (Generali) (Italy) and its major rated subsidiaries remain unchanged after the approval of the Board of Directors to launch a voluntary cash tender offer for all ordinary shares of Società Cattolica di Assicurazione SpA (Cattolica). The transaction is expected to be finalized by the end of 2021 and is subject to regulatory approval.

The voluntary takeover bid follows a series of transactions and the development of a strategic partnership between the companies in 2020. More recently, in October 2020, Generali subscribed to the reserved capital increase of Cattolica for 300 million euros, representing 24.46% of the issued shares. (excluding treasury shares), accompanied by a subscription option, on a pro rata basis, optional for all shareholders, for a maximum additional amount of € 200 million.

Generali estimates that the impact on regulatory capital will be limited, with a reduction in the group’s solvency capital requirement ratio of 7.8%. AM Best expects the ongoing collaboration between the two companies to limit the operational risk associated with the transaction. The offer should build on the existing partnership, strengthen Generali’s position in the Italian market and generate long-term savings.

This press release relates to credit ratings published on the AM Best website. For all rating information relating to the release and relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best Recent rating activity Web page. For more information on the use and limits of credit rating opinions, please see Best Credit Score Guide. For more information on the appropriate media use of Best’s credit ratings and AM Best press releases, please see Media Guide – Appropriate Use of Best Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Based in the United States, the company operates in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information visit www.ambest.com.

Copyright © 2021 by AM Best Rating Services, Inc. and / or its affiliates. ALL RIGHTS RESERVED.



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