AMSTERDAM–(BUSINESS WIRE)–#insurance–AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of Assicurazioni Generali S.p.A. (Generali) (Italy) and its main rated subsidiaries remain unchanged following the board of directors approval to launch a cash voluntary public tender offer on all the ordinary shares of Società Cattolica di Assicurazione S.p.A (Cattolica). The transaction is expected to close by the end of 2021 and is subject to regulatory approval.

The voluntary tender offer follows a series of transactions and the development of a strategic partnership between the companies in 2020. Most recently, in October 2020, Generali subscribed to the reserved share capital increase for Cattolica for EUR 300 million, representing 24.46% of issued shares (excluding treasury shares), along with an option to subscribe, on a pro-rata basis, optioned for all shareholders, for an additional maximum amount of EUR 200 million.

Generali estimates that the impact on regulatory capital will be limited, with a reduction in the group’s solvency capital requirement ratio of 7.8%. AM Best expects that the ongoing collaboration between the two companies to limit the operational risk related to the transaction. The offer is expected to build on the existing partnership, reinforce Generali’s position in the Italian market and produce long-term savings.

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

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