Our governance

The Executive Committee is Covéa’s central operational body. SGAM Covéa, the Group’s parent company, is administered by a Board of Directors.

The Executive Committee

As of 1st October 2021


The Executive Committee chaired by Thierry Derez, Chairman and Chief Executive Officer, has 13 members and is Covéa’s central operational body. Its members are involved in decisions that have a significant impact on the Group’s businesses, in terms of strategy, budget or financial matters.

Thierry Derez

Chairman and Chief Executive Officer

Mr Derez practised as an advocate of the Paris Court of Appeal before joining the AM-GMF Group in 1995. He was appointed its Chairman in 2001, before also becoming the Chairman of MAAF, and then MMA. He has been Covéa’s Chairman and Chief Executive Officer since 2008.

Paul Esmein

Deputy Chief Executive Officer

Mr Esmein is a graduate of ENSAE, an actuary and a Corps des Mines engineer. He joined ACAM in 2004 as Insurance Commissioner-Comptroller, then joined the Treasury Department. He joined Covéa in 2014 in the Health and Protection Department.

Laurent Tollié

Managing Director Customer Relationships

Mr Tollié is an engineer, a graduate of ENSAE and an actuary, and began his career in 1990 as a statistical studies manager at GMF Assurances, where he was Chief Executive Officer from 2013 to 2018. He has been a member of Covéa’s Executive Committee since 2006.

Stéphane Duroule

Managing Director of MAAF

Mr Duroule is a graduate of the Montpellier Business School, and began his career at MAAF in 1990. He has been the Managing Director of MAAF Assurances since 2015.

Éric Lécuyer

Managing Director of MMA

Mr Lécuyer has a master’s degree in Economics and Finance from the University of Orléans, and began his career as Claims Statistics Manager at GMF. In 2004, he became the Chief Financial Officer of Covéa Finance, then in 2018 Covéa’s Director of Life Insurance.

Jérôme Roncoroni

Managing Director of GMF

Mr Roncoroni is a graduate of the Ecole Nationale Supérieure de Géologie and of the Institut Supérieur des Affaires, and was appointed as Commercial Director of MMA in 2008. He has held several management positions at Covéa since 2013, including that of Group Internal Audit Director.

Maud Petit

Chief Financial Officer

Ms Petit has a master’s degree in Management Sciences and a Diploma of Higher Studies in Accounting and Finance. She began her career at Befec-Pricewaterhouse, before joining Covéa in 2008 as Combined Accounts Manager.

Thierry Francq

Managing Director Transformation and International Activities

Mr Francq is a graduate of the Ecole Polytechnique and of ENSAE, and spent the majority of his career at the Treasury before becoming Deputy Commissioner General for Investment attached to the Prime Minister. He joined Covéa in 2018 as the Chairman’s Chief of Staff.

Valérie Cohen

Managing Director Offers and Services

Ms Cohen is an actuary, has a postgraduate degree in econometrics and is a graduate of the Centre des Hautes Etudes d’Assurances. She joined GMF Assurances in 1990 as head of Home Insurance and Privacy products. In 2015 she was appointed as Covéa’s Technical Director of Personal Property and Casualty Insurance.

Amaury de Hauteclocque

Managing Director Human Cooperations

After postgraduate studies in private law at the University of Paris II, Mr Hauteclocque began his career as a police commissioner, and joined 36 quai des Orfèvres before being appointed head of the RAID police unit. He joined Covéa in 2013 as Director of Cooperative Strategies.

Olivier Le Borgne

Managing Director Investment

Mr Le Borgne is a graduate of the Institut Supérieur de Gestion de Paris, and joined the Administrative and Technical Department of GMF Vie in 1992 before joining the Finance Department of Azur-GMF. In 2015, he was appointed as Covéa’s Director of Investments, Assets and Liabilities.

Lionel Calvez

Managing Director Risks

Mr Calvez is a qualified member of the Institute of Actuaries, and began his career at Mutavie. In 2000, he joined MAAF Vie as Head of Asset-Liability and Profitability Studies, before being appointed Head of Covéa’s Risk Department in 2015.

Béatrice Savouré

Director Life Insurance

Ms Savouré is a graduate of Paris Dauphine and of IAE Paris, and joined Covéa in 2001 where she held various positions as a Director: MMA Vie Operations Controls Projects, Covéa Life Customer Services, Managing Director MAAF Vie, then Director of Covéa Affinity. In 2021, she was appointed as Chief Executive Officer of MMA Vie.

The Board of Directors

As of 1st may 2022

The Covéa SGAM is managed by a Board of Directors consisting of 27 members. The company has an Honorary Chairman who is not a director.

  • Thierry Derez, Chairman and Chief Executive Officer,
  • Jean-Claude Seys, Honorary Chairman,
  • Jean-Michel Banlier, director, 
  • Bernard Barbottin, director,
  • Christian Baudon, director and deputy Board member,
  • Hélène Béjui-Hugues, director,
  • Luce Berille, director,
  • Sophie Biou, director,
  • Xavier Dejaiffe, director,
  • Christian Delahaigue, director,
  • Jean Fleury, director,
  • Anne-José Fulgéras, director,
  • Karine Gilbert-Belhomme, director,
  • Jean-Pierre Jouyet, lead director,
  • André Martinez, director,
  • Hélène Martini, director,
  • Marie-France Orti, director,
  • Jean-Louis Reynet, director,
  • Laurent Trouvé, director,
  • Annick Wexler, director.


  • MMA IARD Assurances Mutuelles, represented by Michel Coursat,
  • MAAF Assurances, represented by Jean-Pierre Paquien,
  • MMA Vie Assurances Mutuelles, represented by Christophe Guettier,
  • MAAF Santé, represented by Michel Gougnard,
  • Assurances Mutuelles de France, represented by Jean-Marie Meckler,
  • La Garantie Mutuelle des Fonctionnaires, represented by Bernadette Le Bourgeois,
  • SMI, represented by Philippe Bailly,
  • APGIS, represented by Angelo Calabro.

Latest publications

2021 Covéa annual report

.pdf | 1 Mo


2021 Covéa SFCR - bilingual summary (English, Italian)

.pdf | 539 Ko


Covéa ethics charter

.pdf | 557 Ko


Duty of vigilance at Covéa

.pdf | 1 Mo