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AM Best Comments on Credit Ratings of UnipolSai Assicurazioni S.p.A. and SIAT-Società Italiana Assicurazioni e Riassicurazioni p.A. Following Proposed Merger Announcement

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.

This press release relates to Credit Ratings that have been published on AM 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 see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


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