S&P Affirms Groupama (U.K.) ‘A’ Rating

April 30, 2004

Standard & Poor’s Ratings Services announced that it has affirmed its “A” insurer financial strength rating on U.K. non-life insurer Groupama Insurance Co. Ltd. and removed the company from CreditWatch, where it had been placed on Jan. 14, 2004. The outlook is stable.

“The affirmation follows the receipt by Groupama Insurance of a new guarantee from its parent, Groupama S.A. (A/Stable/–), which takes effect retroactively as of Dec. 18, 2003,” said S&P. “The guarantee meets Standard & Poor’s criteria and is governed by French law.”

S&P added that the “ratings on Groupama Insurance reflect the explicit support of its parent; the ratings on Groupama S.A. reflect its strong and consolidating competitive position, strong capitalization, and gradually improving operating performance. The outlook on Groupama Insurance reflects that of its parent, Groupama S.A.”

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