The insurer dedicated to local authorities and placed in great difficulty by the cost of the riots at the beginning of the summer in France, Smacl, will benefit from several tens of millions of euros injected by its main shareholder Maif, announced Thursday its general director Patrick Blanchard.
This financial support will initially result in the subscription of a subordinated debt of 56 million euros, under market conditions, by the shareholders, in particular Maif, indicated Mr. Blanchard during a press conference.
A capital increase is also being considered in a second phase to which our shareholders would subscribe again, in a range of 45 to 65 million euros, he continued.
Maif owns 86% of the capital of Smacl and could eventually reach 90%.
Smacl received more than 600 disaster reports linked to the urban violence that occurred at the end of June and beginning of July, following the death of Nahel, a teenager killed on June 27 by a police officer during a road check in Nanterre.
Today, we estimate (the cost of claims) more than 63 million euros in the property damage branch, to which is added 1.5 million euros in automobile damage, Elodie said at the same press conference. Alleau, compensation director at Smacl.
If it is less than the 100 million euros feared initially, the impact is not without consequences for the insurer of schools, town halls and other centers of departmental and regional councils, continued Ms. Alleau.
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In deficit, Smacl still hopes to become profitable again in 2026, by tightening the guarantee conditions for its customers and by not systematically replacing natural departures (resignations, retirements) in its ranks.
The limitations on guarantees and other significant increases in deductibles in the event of riots will result in coverage which will really be more significant for communities, Mr. Blanchard said, a question of survival for the insurer, according to him.
Amendments to the contracts of more than 150 communities were also sent by Smacl in August.
In total, the cost of damage linked to urban violence was estimated on September 6 at 730 million euros by the professional federation France Insurers.