Oil company Eni has established a captive insurer in Italy, making it the third captive to be domiciled there, according to news reports.
Captive Review and Captive Intelligence has reported that Italian oil major Eni had formed Eni Energy Italy and received a direct and reinsurance licence from Italian insurance regulator IVASS.
According to the reports, the captive has been approved to write non-life classes including marine, property damage, general civil liability and credit.
The oil giant has owned an insurance captive in Ireland, Eni Insurance DAC, since 2006. It has a Financial Strength Rating of ‘A’ (Excellent) and long-term issuer credit rating of ‘a’ from AM Best.
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