Groupama chief executive says insurer has a ‘robust rating’ and UK company is ring-fenced
Chief executive Francois-Xavier Boisseau assured brokers that Groupama will survive the eurozone crisis.
He said Groupama UK’s capital was ring-fenced the company was regulated by the FSA, with a strong solvency ratio of 180%.
The wider group was also strong, with a financial strength rating of BBB, he added.
“Triple BBB is still a very sound rating. It is what people would call investment grade. We have talked with our key partners and they are very happy it is a robust rating,” he told Insurance Times.
“If you zoom into the UK situation, our solvency was 181%. Proportionally, our capital position is much stronger than the group.”
Groupama group is currently aiming to sell its GAN Insurance unit for around £1bn euros to beef up capital adequacy.
Click here for more coverage of the eurozone crisis, including a video interview with ABI director general Otto Thoresen.
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