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Groupama

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Groupama
Company typeMutual organization
IndustryInsurance, Financial services
Founded1986
HeadquartersParis, France
Revenue$ 15B
454,000,000 Euro (2022) Edit this on Wikidata
Number of employees
31,600 (2020)
SubsidiariesGroupama and Gan
Websitewww.groupama.com

Groupama an abbreviation for Groupe des Assurances Mutuelles Agricoles (English: Group of Mutual Agricultural Insurances) is a French insurance group headquartered in Paris with operations in 10 countries.[1]

It is listed in the 2007 ICA Global 300 list of mutuals and co-operatives, ranked 6th by 2005 turnover, making it the 2nd largest mutual insurer in the world.[2]

History

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The predecessor of Groupama was founded in the 19th century by a group of farmers to address their own specific insurance needs. It was set up as a mutual organisation and focused on agricultural as well as individuals, professionals, local authorities and businesses.

History:

  • December 22, 1840 establishment of the first local agricultural mutual fire Insurer by farmers in Mions (Rhône)
  • 1900 A new law is passed on July 4 that sets the specific legal framework for Agricultural Mutual Insurance Funds.
  • Establishment of a central fund for the agricultural reinsurance "Fire" (1906) and "Livestock" (1908)
  • 1963 Creation of Samda for risk protection of non-agricultural damage.
  • 1972 Creation of SORAVIE (Society of Agricultural Organizations Life Insurance), in partnership with Crédit Agricole
  • 1975 Creation of SOS-AMA (generalized assistance)
  • 1986 AMA Samda, SORAVIE, SOREMA are merged under the new name Groupama
  • 1992 Creating B.CERP bank, which took the name of Groupama Financial Bank
  • 1998 Groupama acquires GAN the 4th largest French insurer at that time making Groupama the second largest French general insurer
  • 1999 The acquired GAN business hit by large claims from exceptional storms and floods at the end of 1999
  • 2001 Groupama expand its banking services continues to expand its insurance business in France and other countries through acquisitions
  • 2009 Acquired Banque Finama which is merged with Groupama bank
  • 2011 The company get into financial In difficulties and sells a number of subsidiaries in 2011 early 2012 to stay afloat. On 5 October 2012, Groupama announced that it exercises its option not to pay interest on a portion of its debt by the deadline of October 22. According to the group, it is not a default, but a part of the outstanding action plan initiated in early 2012.

Subsidiaries

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Groupama is present in 10 countries, mainly in Europe (France, Croatia, Italy, Hungary, Romania, Greece, Bulgaria, Slovakia), in Tunisia and in China.

See also

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References

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  1. ^ "International presence in 10 countries". Groupama Group. Archived from the original on 2023-02-20. Retrieved 2022-07-14.
  2. ^ http://www.global300.coop Archived 2008-09-14 at the Wayback Machine
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