AM Best Comments on Credit Ratings of Unipol Assicurazioni S.p.A.

JUNE 09, 2026 01:25 PM (EDT)

AM Best Comments on Credit Ratings of Unipol Assicurazioni S.p.A.

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FOR IMMEDIATE RELEASE

AMSTERDAM - JUNE 09, 2026 01:25 PM (EDT)
AM Best has commented that the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a" (Excellent) of Unipol Assicurazioni S.p.A. (Unipol) (Italy) remain unchanged following the announcement that the board of Unipol has approved a strategic project aimed at strengthening the group's position in the Italian banking market.

On 8 June 2026, Intesa Sanpaolo S.p.A. (ISP) launched a voluntary public tender and exchange offer for all of Banca Monte dei Paschi di Siena S.p.A.'s (MPS) shares. Additionally, ISP and Unipol have reached a binding agreement for Unipol to acquire a banking legal entity carved out of MPS comprising 635 branches and the central structures and activities necessary to operate independently for a total cash consideration of up to EUR 3.5 billion, supported by a rights issue for a maximum amount of EUR 2.5 billion. The purchase agreement is subject to, inter alia, the completion of the voluntary public tender and exchange offer launched by ISP.

If the acquisition is successful, it is Unipol's intention to propose to BPER Banca S.p.A. a business combination with the carved out legal entity. This combination would result in an increase in Unipol's ownership of the combined banking entity and give it de facto control.

AM Best notes that the proposed transactions, which involve several separate steps, are still in the early stages and subject to the successful completion of the voluntary public tender and exchange offer launched by ISP. AM Best will continue to monitor developments and may take a rating action should plans progress. The proposed transactions have both positive and negative rating implications, which AM Best would have to evaluate in full.

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 (BCR), Best's Performance Assessments (PA), Best's Preliminary Credit Assessments (PCA) 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 specializing 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.