Groupama Insurance credit rating upgraded
by Gill Montia
Story link: Groupama Insurance credit rating upgraded
Following the completion of Ageas UK’s acquisition of Groupama Insurance Company in November, Standard & Poor’s has raised Groupama Insurance’s financial strength rating to BBB with a “stable outlook”.
The ratings agency took a number of factors into consideration in making its decision including the company’s good competitive position, established and diversified broker base, strong niche focus, improved operating performance, appropriate level of reserving and reinsurance cover, and its capitalisation.
Commenting on the announcement, Ageas UK chief executive officer, Barry Smith, says: “This is good news for brokers and customers as it creates additional stability and certainty for them to continue to trade with Groupama Insurances.
“They now have independent confirmation that they are dealing with a financially strong and well capitalised business geared towards meeting their needs.”