Peter Cullum and Andy Homer could help potential bidder Advent buy Groupama’s UK broking assets
Groupama today confirmed the sale of its UK insurance company and broking assets, which include Carole Nash, Bollington and Lark, as predicted by Insurance Times.
A sale could raise anywhere between £250m and £300m on current market prices.
Towergate directors Andy Homer and Peter Cullum would be expected to help its private-equity backers Advent advise on the deal if it decided to bid for the broking parts.
Covea is also strongly tipped to launch a bid for either the broking assets or the insurance arm.
Groupama chief executive François-Xavier Boisseau (pictured above) told staff about the plans earlier today. The sale is being handled by Deutsche Bank.
Groupama is under pressure to sell its assets to prevent a downgrade to junk investment status by the rating agencies.
More to follow.