Standard and Poor’s raises Covéa Insurance’s financial strength rating

10th December

Covéa Insurance is pleased to confirm that its Standard and Poor’s (S&P) financial strength rating has been upgraded to A+ stable. The rationale behind the upgrade reflects the rating agency’s opinion on the group’s improving performance, which covers Covéa Group and its guaranteed companies.

The rating action reflects the solid operational risk profile on the back of successful growth of the group, its position in response to regulatory changes and the continuing prudent and profitable growth, whilst maintaining strong capital adequacy.
The A+ rating with a stable outlook is further affirmation of the Company’s stability, giving their brokers and partners added confidence in their long-term ability to deliver high quality products and service.

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 policyholders, generating over 16.5 billion Euros in premium in 2014.

 

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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 are currently shortlisted for three British Insurance Awards.

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