S&P confirms Groupama Insurances’ BBB rating
Standard & Poor’s (S&P) has confirmed Groupama Insurances’ financial strength rating as ‘BBB’ with a “stable outlook”.
The credit rating agency had previously flagged that it planned to raise the rating from BB once the deal with Ageas UK was completed.
The steadily worsening ratings for the Groupama group from a range of agencies over the past 12 months had put considerable pressure on the insurer ahead of its sale.
Commenting on S&P's announcement, Barry Smith, CEO of Ageas UK said: "This is good news for brokers and customers as it creates additional stability and certainty for them to continue to trade with
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