AM Best confirms credit ratings of Greenval Insurance Company Designated Activity Company – InsuranceNewsNet

AM Best affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer’s long-term credit rating (long-term ICR) of “a-” (Excellent) of Greenval insurance company Designated activity company (Greenval) (Ireland). The outlook for these Credit Ratings (ratings) is stable.

The ratings reflect Greenval’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

Greenval is the automobile insurance captive for Arval Service Lease SA (Arval), a vehicle rental company wholly owned by BNP Paribas SA, a global banking group headquartered in France.

Greenval’s strong balance sheet strength assessment is supported by its very strong level of risk-adjusted capitalization, as measured by Best’s capital adequacy ratio (BCAR). The company also benefits from prudent provisioning, an appropriate reinsurance program and a liquid investment portfolio.

The company’s strong operating performance track record is demonstrated by a five-year (2017-2021) average combined ratio of 77.4% (as calculated by AM Best) and a five-year average return on equity ratio ( 2017-2021) of 38.3% (as calculated by AM Best). Technical results have been consistently profitable, benefiting from the captive’s privileged access to Arval’s growing fleet of vehicles.

As a captive insurer providing motor insurance cover for Arval, Greenval’s underwriting portfolio is concentrated in motor insurance but well diversified geographically. The assessment of Greenval’s neutral business profile also reflects its strategic importance to Arval, as the sole affiliated motor insurer. Greenval’s ERM is considered developed and adapted to the company’s risk profile and operational scope.

AM Best remains the leading rating agency for alternative risk transfer entities, with more than 200 such vehicles rated worldwide. For current Best credit ratings and independent data on the captive and alternative risk transfer insurance market, please visit

This press release relates to credit ratings that have been published on AM Best’s website. For all rating information relating to the release and relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Assessment Activity Web page. For more information on the use and limitations of credit rating opinions, please see Best Credit Score Guide. For more information on the proper use of Best’s Credit Ratings, Best’s Performance Ratings, Best’s Preliminary Credit Ratings, and AM Best’s press releases, please see Guide to Proper Use of Best’s Ratings and Reviews.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Based at United Statesthe company does business in more than 100 countries with regional offices in London, amsterdam, dubai, hong kong, Singapore and Mexico City. For more information, visit

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Morgane Hillebrandt
Financial Analyst

+31 20 308 5422

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dr. Mathilde Jakobsen
Director, Analytics

+31 20 308 5427

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Christopher Sharkey
Manager, Public Relations

+1 908 439 2200 ext. 5159

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Jeff Mango
General director,

Communications Strategy

+1 908 439 2200 ext. 5644

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Source: AM Best

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Justin D. O'Neill