A.M. Best has affirmed the financial strength rating of “A-” (Excellent) and the long-term issuer credit rating of “a-” (Excellent) of Greenval Insurance Company Designated Activity Company (Ireland).
Rating agency A.M. Best attached a stable outlook to these credit ratings for Greenval, which is the captive motor insurer for Arval Service Lease, a vehicle-leasing company wholly owned by international banking group BNP Paribas.
The ratings reflect Greenval’s balance sheet strength as measured by Best’s Capital Adequacy Ratio for risk-adjusted capitalisation, along with its strong operating performance, neutral business profile and “appropriate” enterprise risk management.
Greenval’s captive underwriting portfolio is concentrated in motor insurance — offering liability and damage cover — and geographically diversified to reflect the captive’s strategic importance to Arval as its only affiliated motor insurer.
A.M. Best also noted that Greenval holds an appropriate reinsurance programme and liquid investment portfolio.
