Standard & Poor’s Ratings Services announced that it has withdrawn its ‘A-‘ long-term counterparty credit and insurer financial strength ratings on Italy-based composite insurer Aurora Assicurazioni SpA (Aurora), ahead of its merger into the new UGF Assicurazioni SpA on Feb. 1, 2009.
S&P also affirmed its ‘A-‘ long-term counterparty credit and insurer financial strength ratings on Italian insurer UGF (formerly Compagnia Assicuratrice Unipol SpA or Unipol Assicurazioni) and the ‘BBB’ long-term counterparty credit rating on holding company Unipol Gruppo Finanziario SpA (Unipol). The outlook remains positive.
“The rating actions precede the restructuring of the UGF group, which legally takes effect Feb. 1, 2009,” explained credit analyst Paola Del Curatolo. S&P noted that “Aurora is merging by incorporation into Unipol Assicurazioni, which is to be renamed UGF Assicurazioni SpA (UGF). At the same time, Unipol Gruppo Finanziario SpA’s service units providing support to the insurance business is going to be hived down into UGF.
UGF will now meet all policy obligations of Aurora and Unipol Assicurazioni’s current policyholders since the merger legally transfers all related assets, liabilities, and obligations to the new company. Unipol retains its position as the holding company for the UGF group.”
Source: Standard & Poor’s – www.standardandpoors.com
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