Fitch Ratings withdraws rating on Fondiaria-SAI

Fitch Ratings has withdrawn today its rating on Fondiaria-SAI and its main subsidiary, Milano Assicurazioni, which had an Insurer Financial Strength rating of ‘B+’/Rating watch evolving.

“Fitch considers that it does not have sufficient publicly available information to maintain the ratings. As a result, Fitch will no longer provide ratings or analytical coverage on FonSAI and Milano,” the company said.

In January, Italian insurers Unipol agreed to a merger plan to rescue troubled company Fondiaria SAI, which will create Italy’s second biggest insurer.

But the deal has been undermined by a judicial probe, regulatory bodies and ongoing disputes between Unipol and the Ligresti family, which controls Fondiaria through Premafin.

On Friday, market watchdog Consob refused to approve one of the three capital increases necessary to complete the merger.

According to local press reports, Consob is likely to give its go-ahead before the end of the week, and the first capital increase should launch on July 16.

Unipol and Fondiaria’s cash calls, each worth €1.1bn, were initially expected to run from July 9 to July 27.

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