A.M. Best Affirms Credit Ratings of Covéa Coopérations; Withdraws Credit Ratings of Assurances Mutuelles de France
The ratings of Covéa Coopérations reflect its strategic importance to société de groupe d’assurance mutuelle (SGAM) Covéa, a leading mutual insurance group in
Following a restructuring in recent years, the majority of Covéa’s operating insurance companies are now held under Covéa Coopérations, streamlining the group’s structure, increasing the integration of the group’s operations and enhancing the strategic alignment of its members. As the central entity of the group, Covéa Coopérations is owned by Covéa’s mutual members, each being part of one of three historical mutual groups that own a 33.3% stake in the company: AM and La Garantie Mutuelle des Fonctionnaires (the AM-GMF group);
Covéa Coopérations obtained regulatory approval to underwrite reinsurance business in
The ratings of Covéa Coopérations also consider its good standalone risk-adjusted capitalisation and the expectation that the company will continue to generate solid profits, albeit driven by its investment income.
The ratings of AM factor in the company’s integration and institutional role within Covéa, as an affiliated mutual member. The benefit of membership to the group includes the financial support that could be provided by Covéa to each of its members in the case of financial difficulty. The ratings also consider AM’s own excellent risk-adjusted capitalisation. The portfolio transfer of the company’s international reinsurance operations to Covéa Coopérations has served to materially weaken its business profile as an operating insurance company. As of
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
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