...Core to Group: Societe Mutuelle d'Assurance du Batiment et des Travaux Publics - SMABTP is the main operating entity of SGAM btp, accounting for 50% of its premiums. SMA SA, which is directly owned by SMABTP, provides access to the broker distribution channel and reinsures a substantial part of its business with SMABTP. Fitch Ratings considers both entities as 'Core' to SGAM btp. We assess their Insurer Financial Strength (IFS) ratings on a consolidated basis at the SGAM btp level. Leading Construction Insurance Franchise: SGAM btp is France's leading construction insurance group, offering a wide range of products. The group has leveraged its significant expertise to navigate recent challenges in the French construction sector. SGAM btp has enhanced its diversification and geographical reach through partnerships and acquisitions, most notably by acquiring 56.3% in reinsurer Arundo Re (formerly CCR Re) in July 2023 and increasing its stake to 70% at end-2025. We believe this diversification...
