Strong competitive position in the Italian insurance sector, sustained by a 5.5% market share in the property/casualty (P/C) market, and well-diversified distribution and business. Concentration in the Italian insurance sector, which displays higher country risk than most Western European insurance sectors. Capital adequacy above the 'BBB' level, according to S&P Global Ratings' capital model, and a solid Solvency II ratio of above 190% at year-end 2015. Investment profile concentrated in Italian assets, mostly government bonds, and with limited exposure to high-risk assets. Adequate financial flexibility, supported by strong coverage and conservative leverage ratios, and a proven ability to access debt and capital markets. The rating on Societa Cattolica di Assicurazione (Cattolica) is limited by the long-term sovereign ratings on Italy
