Covéa Group

The Covéa Group is a French mutual insurance company that covers property, liability and reinsurance businesses headquartered in Paris. It was formed from the merger of three separate French mutual insurance companies Garantie Mutuelle des Fonctionnaires (GMF), Mutuelle d'assurance des artisans de France (MAAF) and Mutuelle du Mans Assurance (MMA).

Formed in 1999, the company now owns a number of subsidiaries and international holdings in countries across the world including, Canada, the United States, Spain and the United Kingdom. With its subsidiaries, the Group provides commercial, motor, high net worth, property, and protection insurance, offering private car, profile, home, commercial vehicle, motor breakdown, and provident insurance; regional mid-market and small business insurance products; high net worth products; and life and protection products, including accident protection, motor protection, and life insurance and critical illness.

The company also provides various administration services, including insurance administration and claims management, software and e-commerce solutions, redress services, pet administration, and strategic partnerships. It provides insurance for customers through insurance brokers, intermediaries, and direct distribution channels.

In 2012 the Covéa Group formed Covéa Insurance plc in the United Kingdom following the acquisition and merger of three longstanding UK insurance businesses - Provident Insurance, MMA Insurance and Gateway Insurance, as well as Sterling Insurance later in 2015. As of 2018 the UK division has around 1800 employees in the UK and has 7 offices in England with the registered office being in Reading.

In 2014, the Group was number one for property and liability insurance in France and served over 11 million policyholders, generating €16.5 billion in premiums. The Group is currently a member of Eurapco and AMICE, two organisations that bring together insurers from all over Europe.

Covéa Group's insurance divisions include: Covéa Deposit, financial security developers and builders, regulated professions to ensure the protection of the funds entrusted by clients; Covéa Fleet, specialising in corporate fleets and transportation; Covéa Risks, insurance brokerage; and Covéa Protection Juridique, legal protection of businesses and individuals.

In February 2020 it was revealed that Covéa was looking to acquire reinsurance company PartnerRe in a deal worth $9bn. The move was confirmed the following month. The acquisition gives Covéa access to a multinational customer base, and ends a two year search for an appropriate reinsurance acquisition. In May, Covéa walked away from the deal, stating that Covid-19 was a factor.

In August 2020 it was announced that Covéa had entered into a €750m investment cooperation deal with EXOR, and signed a €750m reinsurance partnership agreement with PartnerRe.

In April 2021 AI-powered vehicle inspection startup Tractable announced it was expanding its partnership with Covéa to accelerate auto claims processing nationally. Tractable's computer vision solution enables insurers to speed up decision-making and simplify vehicle recovery by evaluating damage and offering automated recommendations and guides for the best course of repair. The two companies first began working together in 2016, to simplify claims management.

In June 2021 it was reported that Covéa was looking into acquiring AXA XL's reinsurance business, however neither side has confirmed any negotiations yet.

During April 2023 the company announced an extension of its longstanding partnership with Tractable, a provider of AI-powered tool to improve auto claims. It said the company would use Tractable technology throughout its repair network.