S&P confirms Groupama Insurances’ BBB rating
Standard & Poor’s (S&P) has confirmed Groupama Insurances’ financial strength rating as ‘BBB’ with a “stable outlook”.
The credit rating agency had previously flagged that it planned to raise the rating from BB once the deal with Ageas UK was completed.
The steadily worsening ratings for the Groupama group from a range of agencies over the past 12 months had put considerable pressure on the insurer ahead of its sale.
Commenting on S&P's announcement, Barry Smith, CEO of Ageas UK said: "This is good news for brokers and customers as it creates additional stability and certainty for them to continue to trade with
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
Aviva builds out in contractors combined with digital launch
Aviva has launched a digitally traded contractors combined proposition, starting on Acturis with Fast Trade to follow, claiming it is plugging a gap in an underserved part of the market.
Zurich scores businesses flexible cover ahead of World Cup
Zurich has kicked off flexible opening hour cover for SME and mid-market licensed trade, as it claimed the update will help pubs, bars and restaurants capitalise on the World Cup, without falling foul of policy conditions.
Zurich succeeds Accelerant in five-year £300m Jensten Underwriting capacity deal
Jensten Underwriting has signed a five-year deal for Zurich UK to become its ‘cornerstone capacity’ covering over £300m across property, casualty and motor.
Westfield Specialty launches UK and Europe liability portfolio
Westfield Specialty International has launched a UK and Europe liability portfolio to expand its casualty book, promising long-term and flexible partnerships with brokers.
IUA calls for clear cyber BI claims protocols
The International Underwriting Association has called for clear cyber insurance market protocols for business interruption claims.
Ex-Allianz MD Wright joins Policy Expert
Graham Wright has taken on the chief growth officer role at Policy Expert after less than two years at Allianz UK.
Oxbow maintains motor profit predictions after record-breaking year
Oxbow Partners has forecast a combined ratio of 95% for the UK motor market this year, staying profitable at 96% next year.
Liberty opens new proposition for retail sector
Liberty Specialty Markets has launched a bespoke proposition for mid to upper-midsized retail companies, flagging it is available via dedicated hubs in Manchester, Bristol and Dublin, supported by its London head office.