S&P Global Ratings, Moody's and A.M. Best acknowledge the quality of Covéa as a sound counterparty.
Rating in a nutshell
S&P Global Ratings opinion
S&P Global Ratings states : “With the acquisition of Partner Re, the group markedly changes its business mix. It keeps its leading position in the non-life French insurance market, while adding significant international reinsurance activity. This brings broader diversity to the group's business risk profile and adds the PartnerRe commercial brand name on top of the existing MMA, MAAF, and GMF brands. This diversity strengthens the combined group's ability to generate solid earnings and mitigates the risks arising from concentrated exposure on the French market.”
Moody’s highligths that “the affirmation of Covea’s ratings reflects Moody’s view that, despite the transaction being paid entirely in cash, the group will maintain a very strong capitalisation and a very good financial flexibility following the acquisition.”
A.M. Best opinion
A.M. Best highlights that “Covéa’s strongest balance sheet assessment is underpinned by the Group’s consolidated risk-adjusted capitalisation, which is categorised as strongest per Best’s Capital Adequacy Ratio (BCAR), a conservative and liquid investment portfolio, and a prudent reserving practicies”.
The rating agency also underlines that “Covéa has a strong presence in the French market, with a large, well-established member base and strong distribution capabilities”.