AM 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 (Greenval) (Ireland).
The outlook of these ratings is stable.
Greenval is the captive motor insurer for Arval Service Lease S.A. (Arval), a vehicle-leasing company wholly owned by BNP Paribas SA, a global banking group headquartered in France.
According to AM Best, the ratings of Greenval reflect its balance sheet strength which the ratings agency assesses as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The firm’s “strong” balance sheet strength assessment is underpinned by its “very strong” level of risk adjusted capitalisation as measured by Best’s Capital Adequacy Ratio (BCAR).
Greenval’s neutral business profile assessment also reflects its strategic importance to Arval, as its only affiliated motor insurer. AM Best considers Greenval’s ERM as developed and appropriate for its risk profile and operational scope.
