The ratings on Italian insurer R.A.S. - Riunione Adriatica di Sicurta SpA (RAS SpA) reflect its core role within the Munich-based Allianz Group (Allianz AG). Additional factors supporting the rating are RAS SpA's excellent business position, very strong management, extremely strong capitalization, and very strong earnings. Partly offsetting these strengths is the adverse development in the motor sector, which will impact near-term profitability. RAS SpA has an excellent business position in the Italian insurance market. The company is 51.8%-owned by the Allianz Group of Germany and is the parent company of the RAS Group in Italy (RAS). It acts in a dual capacity: as the primary insurance operator in its domestic market; and as the holding company of both domestic
