Fitch puts Vivat Schade on positive watch

Fitch Ratings said it placed Vivat Schadeverzekeringen NV's (Vivat Schade) BBB+ insurer financial strength rating on Rating Watch positive.

Fitch also said it revised the outlooks on Srlev NV's insurer financial strength rating and on Vivat's issuer default rating to stable from evolving and affirmed all of the ratings.

The actions follow news of the conditional agreement reached between Vivat's shareholder Anbang Insurance Group Co., Ltd., Athora Holding Ltd. and NN Group NV for the sale of Vivat, the agency said.

Athora, the parent company of Athora Life Re, will acquire 100% of the shares in Vivat from Anbang and thereafter Vivat's non-life activities will be on-sold to NN, Fitch said.

The transaction is conditional on advice of the works council, regulatory approval and approval of the competition authorities, the agency said.

Fitch said it views that a successful sale could benefit Vivat Schade based on the strong credit quality of NN.

The revised outlooks reflect an expectation that the acquisition by Athora will be broadly neutral to the ratings, the agency said, and will be driven by a credit assessment of the Athora group.

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