Groupama is to sell its UK operation as the French insurer scrabbles to raise funds to shore up its EU debt position.
It is understood that in relation to its exposures to the EU debt crisis, Groupama is looking to raise upwards of £300m with the sale of its UK arm which includes brokers Bollington, Carole Nash and Lark. The insurer hopes that if it can raise enough capital, it will be able to avoid the dreaded junk bond status that has stalked it since late last year. Eric Galbraith, chief executive of the British Insurance Brokers' Association, said he was sad to see Groupama go but hoped that it would be business as usual for brokers. "Brokers just have to watch what’s going on – I hope the ser...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes