In June 1975, as part of the government's Malagasization program, all insurance companies were nationalized. Most of these had previously been French. Foreign companies now operate only as coinsurers. Some of the insurance companies doing business in Madagascar included, in 1998: Avotra Mutuelle Générale d'Assurances Malagasy, Caledonian Insurance Co., Compagnie Malgache d'Assurances et de Reassurances, and Mutuelle d'Assurances Malagasy.