Italian oil major Eni S.p.A. has established Eni Energy Italy S.p.A. making it the third captive to be domiciled in Italy, following Enel and Prysmian that were licensed in 2023.
Although Italy does not currently have specific captive legislation, the jurisdiction has gradually increased its captive numbers and it is growing out its captive infrastructure.
Captive Intelligence understands Eni has had a direct and reinsurance licence approved by Italian insurance regulator, IVASS, for Eni Energy Italy S.p.A.
The regulator’s approval notes the captive has been approved to write non-life classes including marine, property damage, general civil liability and credit.
Eni has previously consulted captive consultants as part of the formation but the new captive is expected to be self-managed.
The oil giant has owned an insurance captive in Ireland, Eni Insurance DAC, since 2006. It has a Financial Strength Rating of ‘A’ (Excellent) and long-term issuer credit rating of ‘a’ from AM Best.
Captive Intelligence understands that the group’s existing Ireland captive will ultimately be closed down as part of the new strategy, similar to the approach of both Enel and and Prysmian which already owned captives in the Netherlands and Ireland respectively.
Eni Insurance DAC has been self-managed and has provided insurance coverage across a range of lines, including property damage, general liability, surety, marine lines and goods in transit.
Captive Intelligence published a Long Read in February highlighting that a swathe of new captives that could form in Italy if the Italian regulator introduces specific legislation.