Groupama hires bankers to look at selling parts of life and general insurance unit
Groupama has hired bankers Morgan Stanley for a potential sale of parts of its GAN life and general insurance unit, according to reports.
The French mutual’s solvency ratio has been depleted by junk Greek and Portugese bond holdings and plummeting shares in French bank Societe Generale. It is now interested in bolstering capital adequacy with sales.
Several foreign and French insurance companies have expressed interest in buying different parts of GAN and talks are in the early stages, French newspaper Les Echos.
GAN was the French state insurance company before it was sold to Groupama 1998 following an intensive bidding war.
AXA, France’s largest insurer, is understood to be interested in a deal.
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