AM Best revises Covéa's rating upwards

AM Best has upgraded Covéa group's financial strength and long-term credit ratings. The outlook is stable.

The first rating has been raised from "A" (Excellent) to "A+" (Superior), while the second has been changed to "aa-" from "a+".

This decision was motivated by the improved geographical diversification of Covéa's activities following the acquisition of the Bermudan reinsurer PartnerRe.

The rating agency also praised the mutual group's strong distribution capabilities, its broad customer base, its solid balance sheet, its very favorable commercial profile and its appropriate business risk management.

By way of reminder, Covéa completed the acquisition of PartnerRe from the holding company Exor in July 2022.