Covéa Insurance's financial strength rating upgraded

16th December 2014

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 17.4 billion Euros in premiums in 2019.  

Covéa Insurance looks after the insurance needs of over 2 million policyholders; delivering financial reassurance through its Standard & Poor’s ‘AA- 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 1900 people, Covéa Insurance has a strong people and service ethos.  It 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.

Recently, Covéa Insurance were named as the Best Place to Work in Digital (Large Organisations) at the Digital Technology Leaders Awards.  They were also recipients of the Staff Empowerment Award at the Diversity & Inclusion in Insurance Awards, and the High Net Worth Product of the Year Award at the Insurance Times Awards.  They also received the Diversity Award at the British Insurance Awards.  They are currently shortlisted for 4 Insurance Times Awards.

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