Our international operations, which span Europe and North America, are built on majority-owned subsidiaries and specifically targeted equity interests.
Our overseas development is always consistent with our unique business model and the values that underpin the day-to-day work of Covéa’s teams: sustainability, solvency, a feel for the business and a focus on human relationships.
Overall, our international activities accounted for 12% of 2016 premium income, or around €2 billion, and employ more than 4,500 people.
In addition to our commercial development, be set in other countries offer real added value in terms of experience sharing.
The European insurance market is highly diverse – and the global one even more so, with needs, products, distribution methods, consumer habits and regulations – particularly tax regulations – that vary from country to country.
We can learn some extremely useful lessons from these differences for observing and anticipating trends in the French market: for example, as tacit renewal of policies does not exist in the UK, our activity in this country enabled us to analyse market behaviour in this context well ahead of the entry into force of France’s 17 March 2014 consumer act, or “Hamon Act”.
Lastly, our foreign operations help us diversify and therefore have a positive impact on our solvency level under Solvency 2 criteria.
Accordingly, the companies we acquire reflect our identity and are well placed to seize opportunities on their domestic markets :
- United Kingdom
Covéa Insurance : Formed from the merger of MMA Insurance, Provident Insurance and Gateway Insurance in 2012, this company offers a huge range of insurance products to more than a million customers in the UK. In 2016, for the second consecutive year, the Sunday Times ranked Covéa Insurance among the 100 best companies to work for in the UK.
Swinton : A feature of insurance distribution specific to the UK is the predominant use of brokers. Swinton is one of the biggest British brokers, operating mainly in private motor and home insurance.
- United States
CSE : This company provides property insurance in the states of California, Utah, Nevada and Arizona and focuses its development mainly on the home, motor and small business segments. It distributes its products through a network of non-exclusive agents and a partnership in Utah.
Bipiemme Vita et Bipiemme Assicurazioni : Bipiemme Vita is an Italian insurer specialising in life insurance. In life insurance, it is the exclusive partner of BPM bank and one of Italy’s leading players in this market. A wholly-owned subsidiary of Bipiemme Vita, Bipiemme Assicurazioni launched its property and casualty insurance business in October 2011.
AME Life Lux : A Luxembourg insurer currently working on commercial development in Italy in partnership with BPM bank.
At the end of 2016, more than three million customers benefited from the expertise and high quality customer relations that our subsidiaries offer.
We take a similar approach to equity investments :
La Capitale – Canada : One of Quebec’s biggest insurance groups, La Capitale comprises three property insurance companies and one life insurer.
Caser – Spain : Caser operates mainly in bankinsurance, property and casualty and life insurance, and has suffered as a result of the structural problems encountered by its Spanish bank distributors, leading to the loss of multiple distribution agreements. However, strengthened by sound technical results, the company is currently developing other distribution channels and starting to grow again.
Key figures at 31 December 2016
0%share of international business in our total premium income
0employeesin our foreign subsidiaries
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