Associate Director, Insurance Ratings Analyst, Milan

Fitch Ratings; Lombardia; On-site; EUR 70,000 - 75,000; Full time

Job summary

Fitch Ratings in Milan is seeking an Italian-speaking Credit Analyst at Associate Director level to focus on Italian insurers within the EMEA Insurance team.

You will assess issuer credit, prepare rating reports, participate in rating committees, and engage with senior management while using AI-enabled analytics and advanced Excel tools.

Qualifications

• Fluent in Italian and English.
• Analytical experience of 5+ years in finance/credit/audit.
• Bachelor degree or higher; actuarial, accounting or auditing qualifications preferred.

Responsibilities

• Monitor issuer ratings for insurers in the EMEA region.
• Prepare rating committee materials and publish reports.
• Present rating recommendations to committees and interact with senior management.
• Assist in cross-market rating discussions and research publications.
• Support senior colleagues and respond to external inquiries.

Skills

Italian language

English language

Excel

AI tools

Analytical thinking

Communication skills

Education

First university degree

Actuarial / accounting / auditing qualifications

Tools

Excel

AI applications

Job description

Fitch Ratings is currently seeking a Credit Analyst – EMEA Insurance – Associate Director based out of our Milan office.

As one of the world’s top three credit ratings agencies, Fitch Ratings plays a critical role in global capital markets by providing supplementary credit analysis, ratings, research, and commentary to financial market participants. For over 100 years, Fitch Ratings has been creating value for global markets through its rigorous analysis and deep expertise, which have resulted in a variety of market leading tools, methodologies, indices, research, and analytical products. Fitch Ratings is part of Fitch Group, a global leader in financial information services with operations in more than 30 countries, which also includes Fitch Solutions. With dual headquarters in London and New York, Fitch Group is owned by Hearst.

At Fitch Ratings, credit analysts play a pivotal role in moving markets, as quality credit analysis is the lifeblood of our organization. With a legacy of over a century, our unique approach to credit ratings offers unmatched opportunities for professional growth. Embracing a “challenger mindset,” you'll join a team dedicated to innovating service to our clients. Our people-driven analysis thrives on collaboration across all levels and locations, surpassing traditional financial modeling. Lastly, as part of our global community, you'll find inspiration, challenge, and support, with ample opportunities for visibility and influence in the global financial marketplace.

About The Team

The Fitch Ratings Financial Institutions Group has actively built the agency into the global leader in insurance credit rating coverage. Our experienced analysts provide comprehensive, timely and transparent coverage of major institutions around the world, as well as unparalleled coverage of smaller companies. Our analysts offer a diversity of talent and backgrounds, with experience in regulatory oversight, counterparty analysis, auditing, investment banking, buy-side investing and more.

The Global Insurance Group is responsible for assigning and maintaining international and national credit ratings on insurance entities and their debt issues worldwide. The EMEA Insurance team employs a team of 18 credit analysts in London, Frankfurt, Paris, Madrid, Dubai and Stockholm.

How You’ll Make An Impact

We are currently looking to add an Italian-speaking Associate Director. The successful candidate’s coverage will focus primarily on Italian insurance companies, but with flexibility to cover other markets.

Primary Duties Will Include

• Monitoring a portfolio of issuer ratings, including the preparation of rating committee documentation.


• Present and discuss rating recommendations, ideas and facts effectively in writing and verbally to a rating committee


• Writing and publishing comprehensive rating reports on individual issuers (based on public information and management meetings with the rated entities).


• Participation in credit rating committees for assigned insurers and insurers in other markets.


• Regular interaction with contacts at issuers and liaison with issuers’ senior management at rating meetings.


• Active involvement in the publication of issuer- and sector-specific research and insightful commentaries.


• Supporting more experienced colleagues, e.g. preparing responses to external queries from investors, bankers and other stakeholders.


• Keep up to date with market/industry developments and manage your rating portfolio in response to credit events

You May be a Good Fit if You Have

• Proficiency in Italian and English are essential.


• Analytical experience (at least 5 years), ideally in credit- or audit-related fields, gained from working at a commercial/investment bank/insurance company, accountancy firm, buy-side firm, rating agency, or similar.


• Good educational background to at least a first university degree level, preferably with recognized actuarial, accounting or auditing qualifications.


• Strong analytical and reasoning capacities.


• Strong communication and presentation skills.


• Ability to work independently as well as being a good team player.


• Strong knowledge of Excel and AI applications.

What Would Make You Stand Out

• Proficiency in another language, e.g. German, French or Russian, would be helpful.


• Strong command of insurance financial statement analysis, accounting standards and solvency requirements


• The ability to cope with time pressure and work to deadlines while adhering to tight procedures.

At Fitch, AI is embedded in how we work every day—supporting smarter decision-making, streamlining workflows, and enabling new ways to create value for our business and clients. Intelligent solutions are increasingly part of our day-to-day operations, helping teams work more efficiently and think differently as we continue to evolve. We’re looking for colleagues who are comfortable operating in an AI‑enabled environment—or who are curious, adaptable, and eager to build their AI literacy over time. We value professionals who embrace technology as part of continuous learning and who are committed to using it thoughtfully to enhance how work gets done.

Fitch is committed to providing global securities markets with objective, timely, independent and forward-looking credit opinions. To protect Fitch’s credibility and reputation, our employees must take every precaution to avoid conflicts of interest or any appearance of a conflict of interest. Should you be successful in the recruitment process at Fitch Ratings you will be asked to declare any securities holdings and other potential conflicts prior to commencing employment. If you, or your immediate family, have any holdings that may conflict with your work responsibilities, you may be asked to divest yourself of them before beginning work.

Fitch is proud to be an Equal Opportunity and Aff? Expected annualized salary for the role will be between EUR 70,000 to 75,000 per annum. Actual salaries will be determined on an individualized basis and may vary based on factors including but not limited to education, training, experience, past performance, and other job-related factors. Base pay is one part of Fitch’s total compensation package, which, depending on the position, may also include commission earnings, discretionary bonuses, long-term incentives, and other benefits such as pension, health and life insurance sponsored by Fitch.

Disclaimer On Benefits Information

In accordance with the requirements of the EU Pay Transparency Directive, the benefits described in this job advertisement represent a general overview and do not constitute the full list of benefits available for this position. Comprehensive and final details regarding compensation and benefits will be provided to candidates at the offer stage.