Albingia is a French

insurance company Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

specialized in Risk management, and based in

Levallois-Perret Levallois-Perret () is a commune in the Hauts-de-Seine department and Île-de-France region of north-central France. It lies some from the centre of Paris in the north-western suburbs of the French capital. It is the most densely populated ...

. Albingia is currently the only independent French insurance company specialized in Risk management.

History

Albingia was founded in 1901 in

Hamburg (male), (female) en, Hamburger(s), Hamburgian(s) , timezone1 = Central (CET) , utc_offset1 = +1 , timezone1_DST = Central (CEST) , utc_offset1_DST = +2 , postal ...

. its first French subsidiary opens in 1962. In 1999 Albingia was sold to

Axa Axa S.A. (styled as ''AXA'' or GIG in the Middle East) is a French multinational insurance company. The head office is in the 8th arrondissement of Paris, France. It also provides investment management and other financial services. The Ax ...

for €850 million. In 2003, Albingia France was bought by Barclays Private Equity (now Equistone Partners Europe) then sold again in 2006 to Chevrillon & Associés et IDI. In 2018,

Eurazeo Eurazeo is a French investment company formed by the merger of Azeo and Eurafrance in April 2001. The company is headquartered in Paris. Eurazeo is a leading global investment group, with a diversified portfolio of €25.6 billion in assets und ...

bought shares of Albingia, alongside the ''Financière de Blacailloux'', controlled by Bruno Chamoin, also

Chairman The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...

of Albingia. On 9 April 2020, The Hellfest festival organization announced that they paid on 17 December 2019 to Albingia €175000 for cancellation risks, including

pandemic A pandemic () is an epidemic of an infectious disease that has spread across a large region, for instance multiple continents or worldwide, affecting a substantial number of individuals. A widespread endemic (epidemiology), endemic disease wi ...

risks, but that the company refused to pay for the cancellation of the festival. The contract was sold before the apparition of the

COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identif ...

in China.

Activity

In 1962, the first risk management sold by Albingia was linked for

machine A machine is a physical system using Power (physics), power to apply Force, forces and control Motion, movement to perform an action. The term is commonly applied to artificial devices, such as those employing engines or motors, but also to na ...

ry breakdown risks. Since that time its activity has expanded to other risks. It has approximately 3500

Insurance broker An insurance broker is an intermediary who sells, solicits, or negotiates insurance on behalf of a client for compensation. An insurance broker is distinct from an insurance agent in that a broker typically acts on behalf of a client by negoti ...

COVID-19 claims

In 2020, in regards to the

, the company has decided to not cover for damages suffered by the client that runs the Hellfest music festival. As reported Hellfest's insurance policy covered pandemics. It was also reported that representatives from Albingia agreed, however they claimed it did not cover the COVID-19 pandemic because "respiratory diseases were excluded from the contract". Hellfest reported that they will pursue litigation in court if Albingia doesn't comply with their requests.

References

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External links

Official site
French companies established in 1901 Insurance companies of France French brands