Latest news with #Unipol
Yahoo
2 days ago
- Business
- Yahoo
AM Best Upgrades Credit Ratings of SIAT-Società Italiana Assicurazioni e Riassicurazioni p.A.
AMSTERDAM, July 17, 2025--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "a" (Excellent) from "a-" (Excellent) of SIAT-Società Italiana Assicurazioni e Riassicurazioni p.A. (SIAT) (Italy), a subsidiary of Unipol Assicurazioni S.p.A. (Unipol). The outlook of these Credit Ratings (ratings) is stable. The upgrades follow the improvement in the financial strength of SIAT's ultimate parent, Unipol, which was assigned an FSR of A (Excellent) and a Long-Term ICR of "a" (Excellent) on 17 July 2025. The ratings reflect SIAT's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings factor in SIAT's importance to, and integration into the operations of Unipol, as well as AM Best's expectation that Unipol would provide prompt and sufficient financial support to its subsidiary, should it be needed. SIAT's Best's Capital Adequacy Ratio (BCAR) assessment was at the very strong level at year-end 2024, and AM Best expects it to be maintained, at least, at that very strong level over the medium term. SIAT maintains a strong liquidity profile, with liquid investments accounting for approximately 151% of net technical liabilities at year-end 2024. Partially offsetting factors to the balance sheet strength include the company's investment concentration in Italian government bonds and its dependence on reinsurance to write high-value risks. SIAT has a track record of adequate operating performance, supported by good underwriting profitability, with volatility contained by the company's effective reinsurance programme. In 2024, pre-tax profits amounted to EUR 11.1 million (adjusted by AM Best for extraordinary income and expenses), with the combined ratio standing at 84.4% (as calculated by AM Best). SIAT's five-year average combined ratio stood at 87.9% (2020-2024) (as calculated by AM Best). AM Best expects SIAT to continue to report adequate performance, supported by selective underwriting. SIAT has an established reputation as a niche insurer in the marine hull and cargo segments, in which it ranks among the leading players in Italy. In addition, the company's business profile benefits from its reciprocal outsourcing agreements with Unipol. 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 Performance Assessments, 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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Andrea PortaSenior Financial Analyst +31 20 808 1700 Jose Berenguer Associate Director, Analytics +31 20 808 2276 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-07-2025
- Business
- Yahoo
Italy's BPER raises offer for Popolare di Sondrio to €5.4bn
Italian lender BPER has raised its offer to acquire Banca Popolare di Sondrio to €5.4bn ($6.4bn). This marks a substantial jump from its initial €4.3bn all-share proposal launched in February this year. The offer comprises 1.450 newly issued BPER shares plus a cash payment of €1.00 for each Popolare di Sondrio share. The revised bid comes a day after Italy's antitrust authority, AGCM, conditionally approved the acquisition, requiring BPER to divest six branches—five from BPER and one from Popolare di Sondrio—within 10 months. Both banks share a key stakeholder in Unipol, an insurance group that uses them to distribute its products. Unipol endorsed BPER's bid last week. BPER, with over five million clients, more than 1,500 branches, and nearly 20,000 employees as of the end of last year, stands to gain approximately 900,000 customers, close to 400 branches, and around 4,000 employees through the acquisition. The revised offer follows remarks from BPER's Chief Executive, Gianni Franco Papa, who indicated weeks earlier that the bank intended to stick with its original bid. In a separate development in Italy's retail banking sector, UniCredit's CEO, Andrea Orcel, told La Repubblica that the bank is likely to abandon its proposed acquisition of Banco BPM due to challenges from Italy's 'golden power' conditions and court appeals. The European Commission approved the bid, launched in November last year, under the EU Merger Regulation, requiring UniCredit to divest 209 branches in areas with competition concerns. "Italy's BPER raises offer for Popolare di Sondrio to €5.4bn " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Otago Daily Times
04-07-2025
- Sport
- Otago Daily Times
Coming together
PHOTO: GREGOR RICHARDSON University of Canterbury student Husnain Mohd Idris lines up a shot during a badminton match at Unipol during the 2025 Bersatu Games. This year the games are hosted by Otago Malaysian Students' Association and are expected to bring 300 Malaysian students from across the country to Dunedin. The opening ceremony on Tuesday was attended by High Commissioner of Malaysia to New Zealand Her Excellency Marzita Marzuki and Otago College of Education Dean Prof Vivienne Anderson. The week-long games have been a fixture on New Zealand-based Malaysian students calendars since the 1960s — "bersatu" means to unite in Malay. Hosting duties are rotated between Auckland, Wellington, Christchurch and Dunedin.
Reuters
03-07-2025
- Business
- Reuters
Italian lender BPER boosts Pop Sondrio bid to $6.39 billion
July 3 (Reuters) - Italian lender BPER ( opens new tab has increased its bid for smaller rival Popolare di Sondrio ( opens new tab to 5.44 billion euros ($6.39 billion), the bank said on Thursday, heating up the race in the country's financial sector that has seen a flurry of deals and offers. The bid represents a premium of 3% based on Popolare di Sondrio (BPSO) shares' last closing price, valuing the bank at 5.44 billion euros, according to Reuters' calculation. The revised offer includes 1.450 newly issued BPER shares and an additional cash consideration of 1.00 euro per BP Sondrio share. The bid comes just a day after Italy's antitrust authority, AGCM, conditionally approved BPER's deal for BPSO, stating that BPER is required to sell six branches, which includes 5 of BPER and 1 of BP Sondrio, within 10 months. BPER and BPSO have in common their main shareholder, insurer Unipol , which distributes its products through both banks. Unipol agreed to BPER's bid last week. In February, BPER joined in a raft of takeover bids rocking the country's financial sector, with an initial offer of 4.3 billion euros for all BPSO shares. BPER's market capitalisation of about 10.9 billion euros is more than double mid-sized lender BPSO's market value of 5.32 billion euros, according to LSEG data. The increased offer from Italy's fourth-largest bank comes just weeks after BPER Chief Executive Gianni Franco Papa said that the bank would stick to its current bid. Italy's banking sector has in the last year witnessed a wave of bids and offers, including UniCredit's ( opens new tab all-share offer for smaller peer Banco BPM ( opens new tab, creating a complex web of deals between some of its biggest players. ($1 = 0.8511 euros)
BBC News
12-06-2025
- Business
- BBC News
Student flats planned for Leeds shopping centre
Plans that would see part of a shopping centre replaced by a 37-storey block of student flats are to be considered by Leeds City than 1,000 students would be housed in the development on the Merrion Centre site, which would also include a karaoke room, gym and study unit currently occupied by Home Bargains and a disused cinema would be demolished under proposals and a new building constructed on the same footprint.A report to councillors said the project would "contribute to an ever more vibrant city centre which will sustain the retail and hospitality sector". Each year, tens of thousands of students call Leeds home while they attend institutions such as the University of Leeds, Leeds Beckett University, Leeds Arts and the Leeds for more than 17,000 student bed spaces have been approved in recent from Unipol suggests that between 2014/15 and 2022/23 the number of full-time students at the University of Leeds and Leeds Beckett rose by about 9,500 and is predicted to go up by another 4,000 by 2027/ number of international students in the city has also risen. Why does Leeds need so much student accommodation? Council officers have recommended approval for the Merrion Centre project set to be discussed by Leeds City Council's plans panel proposed tower, which would be located near three conservation areas, would be visible from parts of the city centre including Millennium Square."Distinctive" columns of blue brick would extend around the building and "help to define the new entrance", according to the approval would be subject to conditions including almost £600,000 towards nearby cycling and road report said plans for the scheme had been revised since it was first proposed in 2022. Listen to highlights from West Yorkshire on BBC Sounds, catch up with the latest episode of Look North.
