AM Best Assigns Credit Ratings to Enel Erre S.p.A.
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to
The ratings reflect EE’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
On
AM Best expects EE’s risk-adjusted capitalisation to be maintained with a comfortable buffer at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The captive benefits from good liquidity and low reinsurance dependence. An offsetting rating factor is EE’s potential exposure to large losses given its high net retention per risk, which has the potential to introduce volatility in capitalisation levels.
EE’s operating performance assessment reflects AM Best’s expectations that prospective combined ratio will remain within the captive’s through-the-cycle target of between 95% and 100%. Solid investment income is expected to contribute positively to overall profitability.
As a single-parent captive, EE is well-integrated within the Enel group and plays a fundamental role in managing the group’s risk exposures.
EE has a developed ERM framework with clear risk appetite and tolerance levels in place.
AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.
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
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Source: AM Best
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