Groupama has entered into exclusive negotiations to sell its French marine insurance portfolio to Switzerland based Helvetia Insurance.

The portfolio is currently housed in Groupama’s subsidiary Gan Eurocourtage.

In June 2012, Groupama has agreed to sell Gan Eurocourtage’s property and casualty (P&C) brokerage-related activities to Allianz France.

In January 2012, Groupama’s board of directors have decided to divest its entire UK operations and seek a new owner for its various UK based interests as part of ongoing plans to boost its capital base.

Groupama’s combined UK operations’ profit rose 84% to GBP43.5m for the full year of 2011, compared to GBP23.7m for the same period in 2010.

Helvetia posted a net profit of CHF288.7m in the 2011 financial year and has branch offices in Switzerland, Germany, Austria, Spain, Italy and France.