French insurance giant in talks to buy motor insurer from US parent GMAC
MMA is in pole position to snap up motor insurer Provident in a £70m deal, Insurance Times reports this week.
Insurance Times understands the French parent, MMA IARD Assurances Mutuelles, recently agreed a three-month period of exclusivity with Provident’s US owners GMAC and corporate advisors Goldman Sachs.
The deal is on the cards despite MMA's UK business, MMA Insurance, posting an operating loss of £24.2m last year, partly because of deterioration in the private motor market. It also emerged this week that MMA Insurance was handed a £10m capital injection by its holding company, MMA Holdings (UK), in April.