Prospectively good operating performance Adequate capitalization Good competitive position Marginally negative management and corporate strategy Weak enterprise risk management The ratings on Spain-based mutual insurer FIATC Mutua de Seguros y Reaseguros a Prima Fija (FIATC) reflect FIATC's good operating performance, adequate capitalization, and good competitive position. These factors are offset by Standard&Poor's Ratings Services' marginally negative view of corporate strategy and the company's weak risk management controls. After posting satisfactory performances in previous years, FIATC recorded a remarkable improvement in 2007, with bottom-line results increasing by more than 300% to €25 million chiefly on the back of tightened claims settlement controls and a portfolio cleanup. FIATC's operating performance is now good. Capital adequacy strengthened in 2007, and even
