AM Best affirms ratings of Eni’s Italy captive
AM Best has affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of “a” (Excellent) of Eni Insurance S.p.A. (EIS), while giving a stable outlook to these ratings.
EIS is the captive of Eni S.p.A., a multinational energy company based in Italy. The captive is domiciled in Italy and began writing business in February 2025 after the completion of a cross-border merger operation from its former captive, Eni Insurance Designated Activity Company, domiciled in Ireland.
EIS’ prospective performance is expected to be strong, in line with the historical performance of Eni Insurance Designated Activity Company, evidenced by a five-year weighted average combined ratio of 40.4% (2021-2025), as calculated by AM Best.
Prospective performance is subject to volatility due to potential large losses from the property account. However, underwriting volatility on a net basis should be moderated by the captive’s comprehensive reinsurance programme.
The ratings reflect EIS’ balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
AM Best expects EIS’ risk-adjusted capitalisation to be maintained with a comfortable buffer at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR).
An offsetting rating factor in the balance sheet strength assessment is EIS’ reliance on reinsurance to underwrite large risks; however, the risks associated with this reliance are mitigated by long-standing relationships with reinsurers of excellent credit quality.
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