AM Best Affirms Credit Ratings of Greenval Insurance Company Designated Activity Company
2024年7月24日 - 11:30PM
ビジネスワイヤ(英語)
AM Best has affirmed the Financial Strength Rating of A-
(Excellent) and the Long-Term Issuer Credit Rating of “a-”
(Excellent) of Greenval Insurance Company Designated Activity
Company (Greenval) (Ireland). The outlook of these Credit Ratings
(ratings) is stable.
The ratings reflect Greenval’s balance sheet strength, which AM
Best assesses as strong, as well as its strong operating
performance, neutral business profile and appropriate enterprise
risk management (ERM).
Greenval is the captive motor insurer for Arval Service Lease
S.A. (Arval), a vehicle-leasing company wholly owned by BNP Paribas
SA, a global banking group headquartered in France.
Greenval’s balance sheet strength is underpinned by its
risk-adjusted capitalisation, which was at the strong level at
year-end 2023, as measured by Best’s Capital Adequacy Ratio (BCAR).
BCAR scores were supportive of the very strong assessment at
year-end 2022, and decreased in 2023, mainly as a result of an
increase in underwriting risk tied to the company's significant
growth. Risk-adjusted capitalisation is expected to remain at least
at the strong level prospectively. The balance sheet strength
assessment considers the company’s prudent reserving, appropriate
reinsurance programme and liquid investment portfolio.
Greenval has a track record of a strong operating performance,
as demonstrated by a return on equity (ROE) of 42.4% in 2023 under
IFRS 17 and a five-year weighted average ROE of 40.4% for the
period 2018-2022 under IFRS 4. Underwriting results have been
consistently strong, benefiting from the captive’s privileged
access to Arval’s good quality business.
As a captive insurer providing motor insurance covers for Arval,
Greenval’s underwriting portfolio is concentrated in motor
insurance, but well-diversified geographically. Greenval’s neutral
business profile assessment also reflects its strategic importance
to Arval, as its only affiliated motor insurer. Greenval’s ERM is
considered developed and appropriate for its risk profile and
operational scope.
AM Best remains the leading rating agency of alternative risk
transfer entities, with more than 200 such vehicles rated
throughout the world. For current Best’s Credit Ratings and
independent data on the captive and alternative risk transfer
insurance market, please visit
www.ambest.com/captive.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent Rating
Activity web page. For additional information regarding the use and
limitations of Credit Rating opinions, please view Guide to Best’s
Credit Ratings. For information on the proper use of Best’s Credit
Ratings, Best’s Performance Assessments, Best’s Preliminary Credit
Assessments and AM Best press releases, please view Guide to Proper
Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specialising in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
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James Kenfack Associate Financial Analyst +31
20 808 2272 james.kenfack@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Dr. Mathilde Jakobsen Senior Director, Analytics
+31 20 808 3118 mathilde.jakobsen@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 822 2318 al.slavin@ambest.com