A.M. Best Places Ratings of Societa Cattolica di Assicurazione - Societa Cooperativa Under Review With Negative Implications.OLDWICK, N.J. -- A.M. Best Co. has placed the financial strength rating of A (Excellent) and the issuer credit rating of "a" of Societa Cattolica di Assicurazione - Societa Cooperativa (Cattolica) (Italy Italy (ĭt`əlē), Ital. Italia, officially Italian Republic, republic (2005 est. pop. 58,103,000), 116,303 sq mi (301,225 sq km), S Europe. ) under review with negative implications. The rating action follows Cattolica's announcement that it will form a joint venture for its existing motor portfolio with the Mapfre Group. In addition, the recent termination of the life bancassurance Bancassurance A French term referring to the selling of insurance through a bank's established distribution channels. Notes: The result is a bank that can offer banking, insurance, lending, and investment products to a customer. joint venture with Banco Popolare Banco Popolare is an Italian cooperative bank, formed in 2007 from the merger of Banco Popolare di Verona e Novara (BVPN) and Banca Popolare Italiana (BPI). External links
• di Verona Verona, city, Italy Verona (vərô`nä), city (1991 pop. 255,824), capital of Verona prov., Venetia, NE Italy, on the Adige River. e Novara Scrl could negatively impact the company's business profile, and the recent reserve strengthening for the motor third party liability line is also a negative factor. A.M. Best will discuss these issues with Cattolica's management and aims to resolve the under review status as soon as possible. For Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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