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AM Best withdraws from review with developing implications and confirms credit ratings of Enel Insurance NV

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AMSTERDAM – (COMMERCIAL THREAD) –AM Best withdrew from the review with developing implications and confirmed the financial strength rating of A- (excellent) and the long-term issuer credit rating of “a-” (excellent) of Enel Insurance NV ( EINV) (Netherlands), a captive of Enel SpA (Enel), a multinational electric utility company based in Italy. The outlook assigned to these credit ratings (ratings) is stable.

The ratings reflect the strength of EINV’s balance sheet, which AM Best considers very strong, as well as its adequate operational performance, neutral business profile and appropriate management of corporate risks.

These ratings had been put under review with developing implications due to the uncertainty surrounding potential changes in the coverage the captive provides to its parent company. In June 2021, the parent company injected 250 million euros into the captive and as of November 2021, the captive significantly increased her net retention. As a result of these changes, the risk-adjusted capitalization of the captive, as measured by Best’s capital adequacy ratio (BCAR), on a standard and disaster basis, is expected to remain at least at a very high level. medium term. The captive’s enhanced profile also reaffirms her role within the risk management program of the Enel group.

AM Best remains the main rating agency for alternative risk transfer entities, with more than 200 such vehicles rated worldwide. For Best’s current credit scores 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 published on the AM Best website. For all rating information relating to the publication and relevant disclosures, including details of the office responsible for the publication of each of the individual ratings referenced in this publication, please see AM Best’s Recent rating activity Web page. For more information on the use and limits of credit rating opinions, please see Best Credit Score Guide. For more information on the proper use of Best’s credit scores, Best’s preliminary credit reports, and AM Best’s press releases, please see Guide to Proper Use of Best Ratings and Reviews.

AM Best is a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry. Based in the United States, the company operates in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information visit www.ambest.com.

Copyright © 2021 by AM Best Rating Services, Inc. and / or its affiliates. ALL RIGHTS RESERVED.


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