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 and 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), making it the 30th most densely populated city in the world in 2020. Si ...
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 geography, regions, otherwise referred to as zones, lands or territories, are areas that are broadly divided by physical characteristics (physical geography), hum ...
(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
Crédit Agricole Group (), sometimes called La banque verte ( en, The green bank) due to its historical ties to farming, is a French international banking group and the world's largest cooperative financial institution. It is France's second lar ...
* 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 Deposit account, 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 m ...
, 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.
See also
*
List of investors in Bernard L. Madoff Securities
Investors in Bernard L. Madoff Investment Securities LLC lost billions of dollars in the Madoff investment scandal, a Ponzi scheme fraud conducted by Bernard Madoff. The amount missing from client accounts, over two thirds of which were fabricated ...
*
Groupama Arena, a stadium in Budapest, Hungary that bears the company's name via a sponsorship deal
*
Parc Olympique Lyonnais, a stadium near Lyon, France also known as Groupama Stadium through a sponsorship deal with this company
References
External links
Official site
{{Authority control
Financial services companies established in 1986
Insurance companies of France
Privatized companies of France
French brands