S&P puts Groupama on negative watch
Standard & Poor's Ratings Services said today that it had placed its 'A' insurer financial strength rating on Groupama Insurance on CreditWatch with negative implications, following the Jan. 12 announcement by the company's parent, France-based Groupama S.A.,that it was terminating its guarantee on Groupama Insurance.
This guarantee was a key support for the 'A' rating on Groupama. The guarantee will continue to cover all of the company's liabilities up to Feb. 12, 2004, the date of termination, but will not cover business written after this date.Following a recent capital injection, Groupama Insurance is expected to have covered its regulatory solvency margin by 2.37x in full-year 2003.
"The CreditWatch placement will be resolved after the termination date and after Standard & Poor's has conducted a full
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