Groupama Insurances CEO allays downgrade fears
The CEO of Groupama Insurances in the UK has insisted the insurer's trading position remains excellent despite Standard and Poor's (S&P) downgrade of Groupama S.A.
S&P lowered the group's credit rating to BB status from BBB-, blaming insignificant capital adequacy for the move.
But Francois-Xavier Boisseau moved to allay fears over the security of Groupama Insurances in the UK.
He said: "Although as a Groupama subsidiary we are associated with the group's security rating, the fact is, we are not rated as an independent business.
"This is important to understand because based on our current performance, prospects and asset base, it is very clear that the
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