AM Best assigns A (Excellent) rating to Compagnie française d'assurance pour le commerce extérieur and to Coface Re SA
Paris, 24 February 2020 – 18:30
AM Best assigns A (Excellent) rating to Compagnie française d'assurance pour le commerce extérieur and to Coface Re SA
Rating agency AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) to Compagnie française d'assurance pour le commerce extérieur (la Compagnie) and to Coface Re. Both ratings have a stable outlook.
The agency has also affirmed the FSR of Coface North America Insurance Company (CNAIC) to A (Excellent). The outlook remains stable.
La Compagnie is Coface main operating entity. Coface Re SA, domiciled in Switzerland, is a 100% subsidiary of Coface SA.
The ratings of la Compagnie, CNAIC and Coface Re reflect their strategic importance to the Coface group. La Compagnie is the main insurance operating company of the group and the direct parent of all Coface insurance entities, whilst CNAIC is the group’s vehicle to access the North America market. Coface Re plays a central role in the internal reinsurance scheme.
In its press release, AM Best highlights that these ratings reflect “Coface group’s balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management”.
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)
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 2019, Coface employed ~4,250 people and registered turnover of €1.5 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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