Signa's Benko Charged in Austria After €23 Billion Bankruptcy
The businessman, who has been in detention since January, will stand trial for alleged insolvency fraud, prosecutors said in a statement on Tuesday.
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Yahoo
24 minutes ago
- 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
Wall Street Journal
26 minutes ago
- Wall Street Journal
A Closer Look at Trump's Message to Putin
Regarding your editorial 'Trump Sends a New Message to Putin' (July 15): President Trump's threat to impose tariffs on Russia if Vladimir Putin fails to stop his aggression against Ukraine is virtually meaningless. Tariffs on goods sent to America would be ineffectual. Russian exports to the U.S. even in 2021 comprised less than 4% of its total exports. The secondary tariffs on countries trading with Russia also seems effectively nominal. Countries are already dodging U.S. secondary sanctions on Russia. The fact that Mr. Trump pegged his punitive secondary tariffs at 100%, far lower that the 500% contained in the Senate bill, signals to Mr. Putin that America isn't serious. Even that bill would provide waivers, over which Mr. Trump would retain a good deal of discretion. Altogether, Mr. Trump's tough guy pose looks to be just that—a pose.
Bloomberg
26 minutes ago
- Bloomberg
Slovakia Lifts Block on Russia Sanctions, Accepts EU Guarantees
Slovakia accepted guarantees from the European Union's executive arm to limit the fallout from a planned cutoff of Russian gas supplies and, in exchange, will lift its veto on the bloc's 18th sanctions package against Moscow. While Slovakia did not oppose the sanctions themselves, it had been blocking the adoption of the latest EU package since June, demanding that the European Commission first provide assurances to offset the potential impact of a separate proposal to halt Russian gas imports.
