AMSTERDAM–(BUSINESS WIRE)–#insurance–AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Enel Insurance N.V. (EINV) (Netherlands), a captive of Enel S.p.A. (Enel), a multinational electric utility company based in Italy. The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect EINV’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

These ratings had been placed under review with developing implications because of uncertainty around potential changes to the cover the captive provides to its parent. In June 2021, the parent injected EUR 250 million into the captive and effective November 2021, the captive significantly increased its net retention. Following these changes, the captive’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), on a standard and catastrophe-stressed basis, is expected to remain at least at a very strong level through the medium term. The captive’s enhanced profile also reaffirms its role within the Enel group’s risk management program.

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated throughout the world. For current Best’s Credit Ratings 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 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 use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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

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