The ratings reflect Enel Insurance’s strong consolidated risk-adjusted capitalisation, a robust, albeit volatile, performance record and the captive’s importance within Enel Group’s risk management framework. Partially offsetting these strengths is Enel Insurance’s relatively high exposure to Italian sovereign bonds, which represented 20% of total invested assets at year-end 2014. The captive is in the process of reducing those holdings. In addition,
Enel Insurance’s consolidated risk-adjusted capitalisation is likely to remain strong in 2015, underpinned by good internal capital generation and moderate net retention. Enel Insurance’s consolidated capital base increased by about 10% to
The captive is a key part of Enel Group’s overall risk management framework. Its primary objective is to mitigate the group’s exposure to property/casualty risks.
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