CONSTRUCTING A GROUP THAT IS POWERFUL AND PERMANENT
Faced with heightened competition and statutory requirements, changes to risks and the needs of policyholders, and the volatility of the economy and the financial markets, the future of mutual insurance companies depends on cooperation for operations and financial solidarity. This is the path chosen by the brand names grouped under the Covéa umbrella, who were among the first to seize the opportunities offered by the mutual insurance company (SGAM) legal status.
The first cooperation agreements were first carried out between MAAF and MMA, under the direction of Jean-Claude Seys. Very quickly, Covéa set up a mutualised claim management system, Covéa AIS, as well as specialised subsidiaries such as Covéa Fleet (fleet insurance), Covéa Risks (property and casualty insurance) and Novéa (sub-standard automobile risks).
Covéa continued to grow as a SGAM when it was joined by AZUR-GMF group. With this addition, Covéa took on a new dimension and became France's largest property and liability insurance group, with one division of insurance companies without brokers (MAAF and GMF) and two insurance companies with agent networks (MMA and AZUR). The merger of the MMA and AZUR brand names resulted in a stronger network of agents under the MMA brand name.
At the same time, Covéa's organisation involves several cross-functional units, such as the Secretariat-General, Finances, consolidated accounts, IT, Communication, and Research and Development. Covéa Finance and Covéa Caution were born.
In 2008, Thierry Derez, who was then Chairman and General Director of GMF and MAAF and Chairman of MMA, also became Chairman of Covéa. Jean-Claude Seys became Vice-Chairman.
Since then, the synergies have kept coming: eight cross-functional management units work for the development and sustainability of our powerful Group, the leading company in France and one of the top twenty groups in Europe.
January : création of Covéa Immobilier
Provident Insurance (UK) and BPM Vita (Italy) joined Covéa.
In France, apgis provident insurance organisation joined the Group.
April : Creation of Covéa Procurement
Covéa Healthcare & Retirement Insurance was formally established in September.