AM Best affirms A (Excellent) rating to Coface North America Insurance Company, with stable outlook
Paris, 19 December 2019 – 17:45
AM Best affirms A (Excellent) rating to Coface North America Insurance Company, with stable outlook
Rating agency AM Best, on 17 December 2019, has affirmed Coface North America Insurance Company’s ‘A’ (Excellent) Insurer Financial Strength (IFS) rating, with a stable outlook.
Coface North America Insurance Company (CNAIC) is a major credit-insurance operating entity of the Coface Group and its main vehicle to access the large North American market.
In its press release, AM Best highlights that this rating reflects “Coface’s balance sheet strength, which A.M. Best categorises as very strong, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management”.
AM Best believes the Group benefits from its market leading position within the global credit insurance sector. While the rating agency classifies the Coface Group as a largely mono-line insurer, it highlights its good diversification by geography and business sector. Fee-based services and factoring in Germany and Poland also provide some diversification.
AM Best expects “the group’s operating performance to remain adequate over the medium term, supported by management’s ability to take prompt risk-mitigating actions on non-performing business when required”.
| CONTACTS | |
| MEDIA RELATIONS Saphia GAOUAOUI T. +33 (0)1 49 02 14 91 | ANALYSTS / INVESTORS Thomas JACQUET T. +33 (0)1 49 02 12 58 Benoit CHASTEL T. +33 (0)1 49 02 22 28 |
FINANCIAL CALENDAR 2020 (subject to change)
FY-2019 results: 5 February 2020 (after market close)
Investor Day: 25 February 2020 (Paris)
Q1-2020 results: 23 April 2020 (after market close)
Annual General Shareholders’ Meeting 2019: 14 May 2020
H1-2020 results: 29 July 2020 (after market close)
9M-2020 results: 29 October 2020 (after market close)
FINANCIAL INFORMATION
This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website:
For regulated information on Alternative Performance Measures (APM),
please refer to our Interim Financial Report for S1-2019 and our 2018 Registration Document.
| Coface: for trade - Building business together 70 years of experience and the most finely meshed international network have made Coface a reference in credit insurance, risk management and the global economy. With the ambition to become the most agile, global trade credit insurance partner in the industry, Coface’s experts work to the beat of the world economy, supporting 50,000 clients in building successful, growing and dynamic businesses. The Group’s services and solutions protect and help companies take credit decisions to improve their ability to sell on both their domestic and export markets. In 2018, Coface employed ~4,100 people and registered turnover of €1.4 billion. COFACE SA is quoted in Compartment A of Euronext Paris Code ISIN: FR0010667147 / Mnémonique : COFA |
DISCLAIMER - Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group's 2018 Registration Document filed with AMF on 3 April 2019 under the number No. D.19-0261 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group's businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.
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