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FOR IMMEDIATE RELEASE
AMSTERDAM - MAY 20, 2020 12:17 PM (EDT)
AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of Covéa Coopérations (France). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Covéa Coopérations’ balance sheet strength, which AM Best categorises as strongest, as well as its adequate operating performance, favourable business profile, and appropriate enterprise risk management.
The ratings factor in Covéa Coopérations’ strategic importance to Société de Groupe d’Assurance Mutuelle Covéa (Covéa), a leading mutual insurance group in France. Covéa Coopérations is the intermediate holding company of Covéa’s operating entities and its principal inward reinsurance vehicle. Covéa Coopérations’ subsidiaries underwrite approximately 90% of the group’s consolidated premium and account for approximately 80% of the group’s consolidated capital.
This rating action follows the announcement that EXOR N.V. (EXOR) and Covéa will not go forward with their announced transaction, under which Covéa would have acquired EXOR’s outstanding common shares of PartnerRe Ltd.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.