France’s Française des Jeux Secures New Jackpot Insurance
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Française des Jeux (FDJ), the operator of France’s national lottery games, has announced the implementation of a comprehensive insurance policy to cover its counterparty risk from January 1, 2020.
One of the changes involved in the tax and regulatory reform carried out as part of the privatisation of FDJ was the discontinuation of the “counterparty fund” system.
This reform is part of a broader process of clarifying the relations between the state and the company, which is now responsible for covering counterparty risk through an insurance policy, at its own expense.
FDJ has taken out a comprehensive insurance policy with a number of top-tier French and international insurers and reinsurers to cover its counterparty risk, which will take effect from January 1, 2020.
This contract, drawn up with insurance broker Marsh, provides a guarantee for the gains falling within its scope on an aggregate basis. It provides annual coverage of up to €150 million. All costs related to this insurance policy are in line with expectations and are covered by the planned budget.
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