Covéa Group
Société de groupe d’assurance mutuelle (SGAM)
Industry Insurance
Founded 1999 (1999)
Headquarters Paris, France
Key people
Thierry Derez
Products Property insurance, Liability insurance, Financial services
Number of employees
26,624 (in 2013, including 4,000 abroad)

Covéa 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).

It became a mutual insurance group company or SGAM, a special French legal status, in 2002 and operates a number of different brands in France and other countries, that have been obtained through acquisitions.

In 2014, Covéa, was number one for property and liability insurance in France and served over 11 million policyholders, generating €16.5 billion in premiums. The Covéa group attained a Standard & Poor's A positive rating and was rated No. 1 for Solvency ratio amongst the top 20 European Insurance groups.[1]


In 1999, through the initiative of the insurance companies Mutuelle des artisans de France (MAAF) and Mutuelles du Mans Assurances (MMA), the mutual reinsurance company Covéa was formed.

In 2003, under the leadership of group of mutual insurance companies (GEMA) a new legal form of "mutual insurance group company" (SGAM) was established by the French government. Covéa was approved as a SGAM in 2003.

In 2005, the general meeting of Covéa approve the merger with Azur and of the Garantie mutuelle des fonctionnaires (GMF).


Covéa Insurance UK was formed in October 2012 following the parent's acquisition and merger of three longstanding UK insurance businesses - Provident Insurance, MMA Insurance and Gateway Insurance. It had approximately 1.2 million policyholders in the UK and employed over 1,000 people across their network of UK offices.

On 25 February 2015, Covéa Group acquired another UK insurance business, Sterling Insurance.[2] Subject to legal and regulatory approval, Sterling's general insurance business will be transferred into Covéa Insurance from 1 January 2016.


Other affiliated mutuals

Specialist subsidiaries





Endowment Fund


Subsidiaries and international holdings

11.6% of turnover in 2013 came from contributions of activities located abroad.

The development on the international scene allows Covéa to overcome the limitations of external growth in France (the market share already held by Covéa representing nearly 20% of the auto market and HRM ) .

It is also a geographical diversification of risk solution in response to the solvency requirements in the insurance sector by the rules called "Solvency II".


United States



United Kingdom


  1. "Assurance de biens et de responsabilité : Bouleversements en perspective". Retrieved 2015-09-03.
  2. Letter to Sterling policyholders from John Blundell, MD Sterling, and James Reader, CEO Covéa Insurance, dated August 2015
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