Peter Cullum and Andy Homer could help potential bidder Advent buy Groupama’s UK broking assets

François-Xavier Boisseau Groupama

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.