French Savers Seek Macron's Help in Andorra Insurer AGA Collapse

French savers affected by the collapse of Assegurances Generals d’Andorra (AGA) hope to draw Emmanuel Macron’s attention to their plight during his official visit to the Principat on 27 and 28 April. As France’s president and one of Andorra’s co-princes, Macron represents a potential avenue for intervention, according to creditors mainly from Toulouse and the Occitanie region.

Hundreds of small investors, many retirees, placed around €100,000 each in AGA’s investment products roughly 15 years ago. Attracted by French intermediaries promising yields far above those available in France, they intended the funds and returns to supplement their pensions. The company was declared bankrupt by Andorran courts on 26 December 2019, following intervention by the Andorran Financial Authority (AFA) earlier that August. Creditors describe a rushed two- to three-month liquidation despite no cessation of payments, leaving them uninformed for years.

In 2024, Andorran justice informed them they would recover only 40% of investments through sales of seized real estate. The creditors’ assembly report valued consolidated assets at €49.5 million against over €80 million in claims, creating a deficit exceeding €30 million. Independent firm Grant Thornton provided differing figures. Investors in the Grup de Defensa dels Creditors d’AGA allege conflicts of interest, asset mixing by the Calvo-Boronat family—AGA’s shareholders and managers—and deliberate undervaluation of properties. They cite examples like land reclassifications slashing values by 60% and sales at 50% of market price under opaque conditions. The family, whose personal assets are estimated near €200 million, insists AGA was solvent and its assets exceeded debts; they claim the bankruptcy was a plot and reject the “euthanasia” label.

A mainly French group of creditors, including some Andorrans and Spaniards, is forming a non-profit association under French law to gain legal standing and press for transparency. They met French embassy officials in Andorra on 15 April to voice outrage and seek pressure on local authorities. Andorran courts rejected a Calvo family concordat proposal without disclosing details to creditors at the 19 September assembly, though an appeal filed late February awaits a May decision. The family has submitted a new concordat involving an investor partner to restart operations and cover debts.

Creditors demand the Batllia prioritise their input in any resolution, rejecting unilateral court decisions. They seek a negotiated outcome with full recovery, not losses, and speculate—without confirmation—on Andorran and foreign financiers eyeing AGA’s assets, including life insurance policies. Previous efforts, including letters to Andorran judges, the European Parliament, and Macron earlier this year, yielded no results. The case remains open, with families facing prolonged uncertainty after over five years.