Allianz France has signed a binding agreement to acquire Groupama’s subsidiary Gan Eurocourtage’s property and casualty (P&C) brokerage-related activities.
Under the terms of the accord, Allianz France will receive Gan Eurocourtage Property and Casualty brokerage-related portfolio including all related assets and liabilities, except for transport activities.
The agreement follows a exclusive negotiations between Allianz and Groupama since April 27, 2012 while purchase price is undisclosed.
Allianz France chief executive officer Jacques Richier said that the transaction meets the Allianz France 2012-2015 strategic plan Growing successful.
Groupama chief executive officer Thierry Martel said: "It allows Gan Eurocourtage teams to continue to demonstrate their professionalism within one of the world’s leading insurance companies while consolidating Groupama’s solvency position."
With approximately €800m in 2011 of revenues, the portfolio to be transferred includes total assets of €1.9bn and around 600 people while the transaction is expected to close during the fourth quarter of 2012.
The transaction is subject to regulatory and antitrust approvals and both companies will continue to operate independently until closing.