Athora rating unchanged by AM Best
AM Best’s Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Athora Holding Ltd.’s subsidiaries, Athora Life Re Ltd. (Bermuda) and Athora Ireland plc (Ireland), remain unchanged after Athora’s recent announcement that it has agreed to acquire Italian life insurer Amissima Vita S.p.A.
Athora entered into a definitive agreement to acquire Amissima on September 22. 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 79 billion euros 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 said it will closely monitor the execution of the transaction and its impact on the Athora group.