Covéa Insurance's financial strength rating upgraded

Covéa Insurance is pleased to confirm that its Standard and Poor’s (S&P) outlook rating has been upgraded to A ‘Positive.’ The rationale behind the rating upgrade is given in S&Ps latest research report, which covers Covéa Group and its guaranteed companies.

The rating action reflects the view that the management across the combined Covéa group of companies is successfully building on the group’s already strong business risk profile and very strong financial profile.

It is suggested that if the Covéa Group continues to grow prudently and profitably whilst maintaining its strong capital adequacy, S&P may be in a position to further increase this rating within the next 12-24 months.

Covéa Insurance is a UK based guaranteed subsidiary of Covéa. Covéa is the leading French mutual insurance group that provides protection to more than 11 million people. Its turnover in 2013 was 15.5 billion Euros.

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About Covéa Insurance

Covéa Insurance Plc is the UK underwriting business of leading French mutual insurance group Covéa (which includes the global reinsurer PartnerRe since July 2022). 

Covéa Insurance looks after the insurance needs of UK customers, across a range of product lines; delivering financial reassurance through its Standard & Poor’s ‘AA- stable’ rating, as a guaranteed subsidiary of Covéa.  

Covéa Insurance has a strong people and service ethos and holds ServiceMark accreditation with Distinction for its Personal Lines operation and its Commercial & HNW Claims teams, as well as Chartered Insurer status for its Commercial business. Covéa Insurance is signatory to the HM Treasury Women in Finance Charter and the insurance Inclusivity Pledge and has been named one of the top 75 employers in West Yorkshire & the Humber. In 2022 Covéa Insurance was named Insurer of the Year at the British Claims Awards and Personal Lines Insurer of the Year at the Insurance Times Awards.