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Paris, 19th March 2021 – 18:00
COFACE SA: AM Best affirms Coface’s main operating subsidiaries rating at A (Excellent) with a stable outlook
The rating agency AM Best affirmed on 18th March 2021 the A (Excellent) Insurer Financial Strength – IFS rating of Compagnie française d’assurance pour le commerce extérieur (la Compagnie), Coface North America Insurance Company (CNAIC) and Coface Re. The outlook for these ratings remain “stable”.
In its press release, the agency reminds that this rating reflects Coface’s balance sheet strength, which AM Best assesses as “very strong”. This strength is underpinned by a consolidated risk-adjusted capitalization at the strongest level as measured by the Best’s Capital Adequacy Ratio (BCAR) score.
AM Best also acknowledges that despite deteriorated economic conditions, Coface has reported good technical results in 2020 with a net combined ratio at 79.8%.
Last, in its release, the rating agency underscores that this note reflects Coface’s “leading position in the global credit insurance market, which is characterised by high barriers to entry”.
Carine Pichon, Chief Finance & Risk Officer, commented:
“This affirmation comes after a year 2020 that has been extraordinary by many aspects. Coface teams’ commitment has allowed us to navigate through this first phase of the sanitary and economic crisis in a satisfactory manner. We continue to relentlessly implement our strategy to improve our agility and our resilience, which are at the heart of our culture.”
FINANCIAL CALENDAR 2020/2021 (subject to change)
Q1-2021 results: 27 April 2021 (after market close)
Annual General Shareholders’ Meeting 2020: 12 May 2021
H1-2021 results: 28 July 2021 (after market close)
9M-2021 results: 28 October 2021 (after market close)
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 S1-2020 and our 2019 Universal Registration Document.
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 2019 Universal Registration Document filed with AMF on 16 April 2020 under the number D.20-0302 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.