OREANDA-NEWS. A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” to Enel Insurance N.V. (Enel Insurance) (Netherlands), a captive of Enel S.p.A. (Enel Group), a multi-national electric utility company in Italy. The outlook for each rating remains stable.

The ratings reflect Enel Insurance’s good risk-adjusted capitalisation, as well as its robust, albeit volatile, performance record, which has been highly reliant on investment income. The ratings also reflect the captive’s importance within Enel Group’s risk management framework. A partly offsetting factor is Enel Insurance’s relatively large maximum gross line size, which is mitigated by comprehensive reinsurance protection.