A.M. Best has affirmed the financial strength rating of “A (Excellent)” and the long-term issuer credit rating of “a” of Eni Insurance Designated Activity Company (EID).
EID is a sole captive insurer of Eni, an Italian multinational gas and oil company.
The ratings reflect EID’s “strong” underwriting profitability and "excellent" risk-adjusted capitalisation.
The ratings also consider the captive’s importance to the Eni Group as a risk management tool. EID’s risk-adjusted capitalisation is “expected to remain excellent,” according to A.M. Best.
A.M. Best suggested available capital is “likely to increase” in 2016 due to a non-recurring return premium payment of €17.5 million to EID from a reinsurance company.
