AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Greenval Insurance Designated Activity Company (Greenval) (Ireland). The outlook of 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.

Greenval is the captive motor insurer for Arval Service Lease SA (Arval), a vehicle-leasing company wholly owned by BNP Paribas SA, a global banking group headquartered in France.

Greenval’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the very strong level at year-end 2024, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s risk-adjusted capitalisation is expected to remain at least at the strong level prospectively. The balance sheet strength assessment also considers the company’s prudent reserving, appropriate reinsurance programme and liquid investment portfolio.

Greenval has a track record of a strong operating performance, as demonstrated by a return on capital and surplus of 36.3% and a combined ratio (net/gross) of 84.4% in 2024 under IFRS 17. Underwriting results have been consistently strong, benefiting from the captive’s privileged access to Arval’s good quality business.

As a captive insurer providing motor insurance covers for Arval, Greenval’s underwriting portfolio is concentrated in motor insurance, but well-diversified geographically. Greenval’s neutral business profile assessment also reflects its strategic importance to Arval, as its only affiliated motor insurer.

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.

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 pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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