History

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.

View our key figures

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.

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.

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.

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.