AM Best Affirms Credit Ratings of Greenval Insurance Company Designated Activity Company

AMSTERDAM–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Greenval Insurance Company 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 (ERM).

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

Greenval’s balance sheet strength assessment of strong is underpinned by its very strong level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR). The company also benefits from prudent reserving, an appropriate reinsurance programme and a liquid investment portfolio.

The company’s strong operating performance track record is demonstrated by a five-year (2018-2022) average combined ratio of 76.5% and a five-year (2018-2022) average return-on-equity ratio of 40.4% (both calculated by AM Best). Underwriting results have been consistently profitable, benefiting from the captive’s privileged access to Arval’s growing fleet of vehicles.

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. Greenval’s ERM is considered developed and appropriate for its risk profile and operational scope.

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

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.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


Morgane Hillebrandt

Senior Financial Analyst
+31 20 308 5422

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310

Dr. Mathilde Jakobsen
Senior Director, Analytics
+31 20 308 5427

Al Slavin
Senior Public Relations Specialist
+1 908 822 2318

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