On July 3, 2023, Assicurazioni Generali SpA (Generali) announced the merger of subsidiaries Societa Cattolica di Assicurazione (Cattolica) and Genertel, and the renaming of Cattolica to Genertel. Almost all of Cattolica's assets and liabilities were transferred to Generali Italia. We believe that Genertel is core to Generali, being the primary tool for competing in the Italian direct property/casualty (P/C) market. We also consider parent Generali resilient against a potential default of Italy and would rate Generali's core subsidiaries three notches above the sovereign. We therefore affirmed our 'A' rating on Genertel. The stable outlook on Genertel mirrors that on Italy. On July 12, 2023, S&P Global Ratings affirmed its 'A' long-term insurer financial strength and issuer credit ratings on Italy-domiciled
