Groupama confirms changes to S&P credit rating
Groupama Insurances has confirmed that it is confident of obtaining a strong stand-alone credit rating following the recent removal of its historic parental guarantee.
Pierre Lefèvre, chairman and chief executive at Groupama Insurances, says: "For some years, Groupama’s UK subsidiaries have benefited from a parental guarantee that was provided to enable the insurance operations to continue trading successfully at a time of particular market uncertainty and some weakness in our balance sheet.However, following last year’s successful portfolio transfer and an additional capital injection of £135 million, Groupama Insurances now enjoys a very solid financial base
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