REVO Insurance: upgrade of S&P rating to A-

S&P (Standard & Poor’s) Global Ratings has raised REVO Insurance S.p.A.’s rating from BBB+ to A- with a stable outlook.

The upgrade reflected:

- REVO's profitable growth across all the business lines maintaining its leadership in the Surety market;

- the optimisation of reinsurance programmes, which are robust and appropriate for the level of risk exposure;

- the experience of the management team, which has shown its ability to foster the growth process;

- the Company's long-term financial solidity and its prudent risk management.

REVO's excellent level of capitalisation and profitability enabled it to pass the adequacy test in accordance with S&P's updated risk-based capital model. REVO's passing of the Italian sovereign debt stress test also contributed to the upgrade, confirming the Company's ability to withstand an Italian default.

The S&P note points out that REVO will continue to grow profitably by continuing the process of diversifying its business portfolio over the next two years, while maintaining a strong capitalisation and pursuing prudent risk management.

Alberto Minali, Chief Executive Officer of REVO Insurance, commented: “The S&P rating upgrade confirms the team’s ability to reach and overtake the Business Plan strategic goals, maintaining high profitability. Our ability to diversify has been considered a strategic driver both in terms of financial investments, featured by a prudent approach, and in the insurance business, thanks to the expansion to SME and professional segment. This driver will be generating further development abroad, with the opening of a new branch in Spain, confirming the scalability of the REVO model.”

Read the rating here.