Groupama an abbreviation for Groupe des Assurances Mutuelles Agricoles ( en , Group of Mutual Agricultural Insurances) is a French

insurance 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 ...

group headquartered in

Paris Paris () is the Capital city, capital and List of communes in France with over 20,000 inhabitants, most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), ma ...

with operations in 10 countries. 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.http://www.global300.coop

History

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 Mions () is a commune in the Metropolis of Lyon in Auvergne-Rhône-Alpes region in eastern France. The residents of the city are called ''Miolands'' and ''Miolandes''. Population See also *Communes of the Metropolis of Lyon The following is ...

(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 A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

, 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

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

References

External links

Official site
{{Authority control Financial services companies established in 1986 Insurance companies of France Privatized companies of France French brands