In June 2003, MAAF Assurances and MMA created the first mutual insurance group company or “SGAM” (Société de Groupe d’Assurance Mutuelle), a new type of corporate vehicle under French law. They were joined by AZUR-GMF in 2005, making Covéa the new market leader in property insurance in France.

In 2023, Covéa celebrates its 20th anniversary as one of the leading names in property and casualty insurance in Europe. The Group has also established itself as the world’s 10th-largest reinsurer following the acquisition of PartnerRe in 2022.

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This success has been possible thanks to the commitment of our 24,000 employees around the world.

In this respect, the creation in 2017 of a common employment status shared by all employees in France constitutes a turning point in Covéa’s history.

Over the last 20 years, the Group’s development as well as its current organisation have drawn on the 200-year history of its founding mutual societies, which began with the creation of Assurances Mutuelles de France in 1819.

A group two centuries in the making

The mutual societies that flourished during the 19th century and the first half of the 20th century left a lasting imprint on the French insurance sector. Covéa has inherited a legacy from that era of three powerful brands and three core values — commitment, prudence and long-term thinking — that are firmly embedded in its culture.


Formation of Assurances Mutuelles de France, which remains part of Covéa’s heritage in the form of AM-GMF.

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Formation of Les Mutuelles du Mans Assurances, which became MMA at the end of the 20th century and is now France’s 2nd-largest commercial lines insurer.

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Formation of La Garantie Mutuelle des Fonctionnaires, the original name of GMF, the leading insurer for public sector employees for many years.

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Formation of MAAF Assurances, the traditional insurer for tradespersons and a pioneering mutual society in the Niort region.

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First forays into international expansion

During the second half of the 20th century, these mutual societies expanded across France. They also embarked on a period of international expansion, establishing and building up subsidiaries.


MMA created Norman Insurance in the United Kingdom, which was to become Covéa Insurance.

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GMF bought a stake in CSE in the United States, before subsequently gaining full ownership.

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Union and transformation

At the start of the 21st century, the original mutual societies decided to join forces to create Covéa SGAM, establishing cross-support mechanisms and paving the way for the adoption of a common strategy.

This union was reinforced by the pooling of their operational capabilities and the creation of Covéa Coopérations, and then thanks to the adoption of a common employment status for all Group employees in France.


MAAF Assurances and MMA decided to create Covéa SGAM, France’s first mutual group insurance company.

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Azur-GMF joined Covéa, making it a leading name in property insurance in France.

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This was followed by protection insurer APGIS, providing its expertise in group health insurance.

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The creation of Covéa Coopérations streamlined the Group’s corporate structure, becoming the direct or indirect vehicle for most of its operating activities.

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SMI (Société Mutuelle Interprofessionnelle) was brought into the fold, strengthening the Group’s positions in group health insurance.

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Covéa Coopérations adopted reinsurance company status to ramp up the development of its inwards reinsurance business.

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The new HR reference framework, shared by all 21,000 Covéa employees in France, was signed with representatives of the common employee status plan.

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DAS and Assistance Protection Juridique, the Group’s legal protection specialists, combined their operations under the Covéa Protection Juridique banner.

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Reinsurance developments

In anticipation of changes in the global insurance industry, Covéa has diversified its product range, risks and the regions in which the Group operates, with a shift towards reinsurance.

This has strengthened its position across the entire risk management value chain.


The acquisition of PartnerRe, the world’s 12th-largest reinsurance company, has enabled it to become one of Europe’s leading insurance and reinsurance groups.

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