Covéa Insurance's financial strength rating upgraded

16th December

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

Covea Insurance plc is the UK underwriting business of leading French mutual insurance group Covéa, who are number 1 for property and liability insurance in France, generating over 16.3 billion Euros in premiums in 2017.  

Covéa Insurance looks after the insurance needs of over 1.5 million policyholders; delivering financial reassurance through its Standard & Poor’s A+ stable rating, as a guaranteed subsidiary of Covéa. 

The company offers motor, household, protection, pet, mid and high net worth insurance and a range of commercial insurance products, through a range of distribution channels. Employing over 1800 people, Covéa Insurance has a strong people and service ethos, having Investors In People Gold accreditation and is signatory to the HM Treasury Women In Finance Charter. It also has World Class service accreditation from the Institute of Customer Service for its Motor Claims, Home Claims and Underwriting Services teams as well as Chartered Insurer status for its Commercial and Mid/High Net Worth business.

In 2018, Covéa Insurance were recipients of the Personal Lines Insurer of the Year award at both the British Insurance Awards and the Insurance Times Awards and was the top rated insurer in the Insurance Times Broker Service Survey for both Personal and Commercial Lines.

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