AM Best affirms ratings of BNP Paribas’ Irish captive motor insurer

AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) of Greenval Insurance Designated Activity Company. The outlook of these ratings is stable.

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

Greenval has a track record of a strong operating performance, as demonstrated by a return on equity of 31.0% and a combined ratio (net/gross) of 88.8% in 2025 under IFRS 17, as calculated by AM Best. Underwriting results have been consistently strong, according to the ratings agency, benefiting from the captive’s privileged access to Arval’s business.

As a captive insurer providing motor insurance covers for Arval, Greenval’s underwriting portfolio is concentrated in motor insurance, but AM Best said it is well-diversified geographically.

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.

Greenval’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which remained at the very strong level at year-end 2025, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s risk-adjusted capitalisation is expected to remain at least at the strong level prospectively. The balance sheet strength assessment also considers the company’s prudent reserving, appropriate reinsurance programme and liquid investment portfolio.

Greenval’s neutral business profile assessment also reflects its strategic importance to Arval, as its only affiliated motor insurer.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.