AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Net Insurance S.p.A. (Net Insurance) (Italy). The outlook assigned to these Credit Ratings (ratings) is stable. The ultimate parent of Net Insurance is Poste Italiane S.p.A. (Poste Italiane), the Italian postal service provider.
The ratings of Net Insurance were placed under review with developing implications following the announcement in September 2022 that its ordinary shares and warrants were subject to a full voluntary takeover bid by Net Holding S.p.A., which is owned 60% by Poste Vita S.p.A. (Poste Vita) and 40% by IBL Banca. The ratings have been removed from under review following the successful completion of the transaction in April 2023. Subsequently, Net Insurance’s shares and warrants have been delisted from Euronext STAR Milan, with effect from 20 April 2023. Poste Vita, the new majority shareholder, is fully owned by Poste Italiane.
AM Best considers the impact of the completed transaction on Net Insurance’s credit fundamentals to be neutral. The ratings reflect Net Insurance’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. No rating lift or drag is applied from the credit profile of the new ultimate parent, Poste Italiane.
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.
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