Groupama rejects most of the rating agencies

Groupama has asked the agency Standard & Poor's (S&P) to stop rating its financial soundness as well as the rating of all of its subsidiaries. After unveiling the significant losses sustained in 2011, the French group was downgraded by the rating agencies. Moreover, its exposure to sovereign debts and the falling equity markets had led to strong turbulence, resulting in a decline of its financial soundness rating to BB- by S&P. Groupama was then forced in 2012 to sell its non-life insurance business in Great Britain along with its subsidiary Eurocourtage. However, the insurer has maintained Fitch agency.