LONDON, September 24, 2021--(BUSINESS WIRE)--AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of "a-" (Excellent) of Athora Holding Ltd.’s (Athora) subsidiaries, Athora Life Re Ltd. (Bermuda) and Athora Ireland plc (Ireland), remain unchanged following Athora’s recent announcement that it has agreed to acquire Italian life insurer Amissima Vita S.p.A (Amissima).
Athora entered into a definitive agreement to acquire Amissima on 22 September 2021. The transaction is expected to close in the first half of 2022, subject to regulatory approval. The acquisition of Amissima will provide Athora with access to the Italian life insurance market and add EUR 7 billion of assets under administration and 140,000 policyholders to Athora’s current EUR 79 billion of assets under administration and 2.3 million policyholders (as at half-year 2021). Amissima will not be held by either of Athora’s rated subsidiaries.
The acquisition is in line with the group’s strategy to acquire European life insurance liabilities in which the associated investment assets can benefit from Athora’s investment management capabilities, and is not expected to have a material impact on the credit fundamentals of Athora or its rated subsidiaries. AM Best will closely monitor the execution of the transaction and its impact on the Athora group.
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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