Summary: FIATC Mutua de Seguros y Reaseguros

The ratings on Spain-based mutual insurer FIATC Mutua de Seguros y Reaseguros (FIATC) reflect S&P Global Ratings' view of the company's unique position in Catalonia and its well-balanced insurance portfolio. Furthermore, the company displays robust capital adequacy under Solvency II and under our risk-based capital model. However, we consider FIATC's capitalization to be small in absolute terms and reliant on asset-value reserves of less-liquid property investments. FIATC provides a diverse range of insurance products. Its franchise in the niche health care and retirement service business is well established, especially in Catalonia, since it provides medical and rehabilitation services via owned and third-party centers. In October 2017, FIATC announced the acquisition of the property/casualty (P/C) operations of Spanish insurer Metropolis. We

...Local Currency Issuer Credit Rating ###+/Stable/-- Rationale The ratings on Spain-based mutual insurer FIATC Mutua de Seguros y Reaseguros (FIATC) reflect S&P Global Ratings' view of the company's unique position in Catalonia and its well-balanced insurance portfolio. Furthermore, the company displays robust capital adequacy under Solvency II and under our risk-based capital model. However, we consider FIATC's capitalization to be small in absolute terms and reliant on asset-value reserves of less-liquid property investments. FIATC provides a diverse range of insurance products. Its franchise in the niche health care and retirement service business is well established, especially in Catalonia, since it provides medical and rehabilitation services via owned and third-party centers. In October 2017, FIATC announced the acquisition of the property/casualty (P/C) operations of Spanish insurer Metropolis. We estimate that the deal will contribute to an increase in FIATC's P/C business volume...

Summary