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”.