A.M. best Europe - Rating Services Limited has assigned a financial strength rating of "A-" (excellent) and issuer credit rating of "a-" assurances further de France, both with stable Outlook.
Best explains: "to the mutual reinsurer Member Covéa, the French mutual group." "Covéa is d'Assurance Mutuelle (SGAM), a vehicle under French law of mutual societies a Société de groupe, group enable appropriate."
TO the reviews reflect their "excellent risk-adjusted capitalization after taking into account the impact of its significant investments in subsidiaries Covéa," best said. "Taken together these investments over half provide to the total assets."
In addition, best mentioned that according to the risk-adjusted capital is model, "These investments be deducted effectively from equity." He said taking into account this treatment-related investments, best "believes that AM provides strong capital support for their activities."
The best rating reflects also the "benefits of membership of Covéa, a leading insurer in France, including the possibility of mutual assistance for members of the SGAM." This may have agreed on the form of raising funds from other members, or from external sources, even by members of the SGAM. "Risk-adjusted market capitalisation is supported further by the solid transferring position and comprehensive retro protection."
The ratings reflect also "moderate expectations for that in the future performance." Best said that he believes that "it is difficult for the company to produce better operating results due to its modest profile as following reinsurer on contracts, and expected the company a profit after tax of € 10 million [$ 13.16 million] record in 2011."
BIN written premiums just under €113 million [$ 148.71] in 2010 over 200 million € [263,2 million$] in 2009, after the setting certain intercompany reinsurance business gross recorded.
"The account includes largely property reinsurance (over 80% of the gross premiums), with the most business on a proportional basis (over 75% of the gross premiums) written." "To the profile is largely concentrated in Western Europe, especially in Italy, Germany, Austria and Switzerland with around 20 percent of the account written outside of Europe, of which no U.S.-based business is."
Finally, the best she said "Upward pressure on the ratings are unlikely at this time." "Downward pressure on the ratings could be triggered by a material decline in the key criteria such as financial performance and business profile."
Source: A.M. best
Best explains: "to the mutual reinsurer Member Covéa, the French mutual group." "Covéa is d'Assurance Mutuelle (SGAM), a vehicle under French law of mutual societies a Société de groupe, group enable appropriate."
TO the reviews reflect their "excellent risk-adjusted capitalization after taking into account the impact of its significant investments in subsidiaries Covéa," best said. "Taken together these investments over half provide to the total assets."
In addition, best mentioned that according to the risk-adjusted capital is model, "These investments be deducted effectively from equity." He said taking into account this treatment-related investments, best "believes that AM provides strong capital support for their activities."
The best rating reflects also the "benefits of membership of Covéa, a leading insurer in France, including the possibility of mutual assistance for members of the SGAM." This may have agreed on the form of raising funds from other members, or from external sources, even by members of the SGAM. "Risk-adjusted market capitalisation is supported further by the solid transferring position and comprehensive retro protection."
The ratings reflect also "moderate expectations for that in the future performance." Best said that he believes that "it is difficult for the company to produce better operating results due to its modest profile as following reinsurer on contracts, and expected the company a profit after tax of € 10 million [$ 13.16 million] record in 2011."
BIN written premiums just under €113 million [$ 148.71] in 2010 over 200 million € [263,2 million$] in 2009, after the setting certain intercompany reinsurance business gross recorded.
"The account includes largely property reinsurance (over 80% of the gross premiums), with the most business on a proportional basis (over 75% of the gross premiums) written." "To the profile is largely concentrated in Western Europe, especially in Italy, Germany, Austria and Switzerland with around 20 percent of the account written outside of Europe, of which no U.S.-based business is."
Finally, the best she said "Upward pressure on the ratings are unlikely at this time." "Downward pressure on the ratings could be triggered by a material decline in the key criteria such as financial performance and business profile."
Source: A.M. best
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