International

International

The search for new business opportunities

Overseen by the Corporate Affairs, the overseas activities of the Covéa Group represent 4% of its sales turnover (approximately 480 million Euros).

A certain number of milestones have already been crossed by the mutual insurance companies in the Group. Covéa is established in particular in Spain (Caser), in the United Kingdom (MMA Insurance, Swinton, etc.), in the United States (CSE - Civil Service Employees Insurance Group) as well as in Luxembourg, Canada, Portugal, etc.

In order to increase this share, Covéa is studying the possibility of making investments and setting up partnerships outside France.

This strategy replies to 3 issues:

with nearly 20% of the private individual market in Car and property insurance, the potential for external growth is now limited in France;
the implementation of the so-called Solvency II rules, reinforcing the solvency requirements in the insurance sector, must be anticipated, forcing each company to seek solutions in terms of risk diversification; geographical diversification is one;
finally, co-operations designed to optimise costs and improve services for members can be extended overseas, particularly in the fields of reinsurance, asset management, etc.

Preference is given to the development of partnerships with groups which share the values of Covéa in a spirit of common reinforcement.

Acquisition projects are also under study. They focus on companies involved in countries and business activities that the Group is capable of controlling.

Covéa is also a member of Eurapco.

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