Good overall capitalization, underpinned by strong capital adequacy. Strong franchise in health care and retirement services business in the Spanish region of Catalonia. Good liquidity overall, relative to technical liabilities. Relative small size and lack of national scale. Reliance of capital adequacy on unrealized gains on properties and marginal non-life reserving. Difficult economic and financial climate in Spain. The ratings on Spanish composite insurer FIATC, Mutua de Seguros y Reaseguros a Prima Fija, reflect its good capitalization, its strong franchise in health care and retirement services in the Spanish region of Catalonia, where it is the leading mutual insurer, and its good liquidity. These factors are offset by the company's lack of national scale and relatively small size, marginal non-life
