AM Best Comments on Credit Ratings of Unipol Assicurazioni S.p.A.

AMSTERDAM--(BUSINESS WIRE)--AM Best has commented that the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Unipol Assicurazioni S.p.A. (Unipol) (Italy) remain unchanged following the announcement that the board of Unipol has approved a strategic project aimed at strengthening the group’s position in the Italian banking market.

On 8 June 2026, Intesa Sanpaolo S.p.A. (ISP) launched a voluntary public tender and exchange offer for all of Banca Monte dei Paschi di Siena S.p.A.’s (MPS) shares. Additionally, ISP and Unipol have reached a binding agreement for Unipol to acquire a banking legal entity carved out of MPS comprising 635 branches and the central structures and activities necessary to operate independently for a total cash consideration of up to EUR 3.5 billion, supported by a rights issue for a maximum amount of EUR 2.5 billion. The purchase agreement is subject to, inter alia, the completion of the voluntary public tender and exchange offer launched by ISP.

If the acquisition is successful, it is Unipol’s intention to propose to BPER Banca S.p.A. a business combination with the carved out legal entity. This combination would result in an increase in Unipol’s ownership of the combined banking entity and give it de facto control.

AM Best notes that the proposed transactions, which involve several separate steps, are still in the early stages and subject to the successful completion of the voluntary public tender and exchange offer launched by ISP. AM Best will continue to monitor developments and may take a rating action should plans progress. The proposed transactions have both positive and negative rating implications, which AM Best would have to evaluate in full.

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