AXA and Aviva talking to brokers about transferring Groupama business following sale decision

Francois Xavier-Boisseau Groupama

AXA and Aviva are in discussions with a number of brokers about transferring Groupama business following the decision to sell up.

Aviva’s director of trading, Phil Bayles, said: “Aviva is in the market for Groupama business and we are actively talking to a number of brokers.”

AXA commercial chief executive Amanda Blanc said: “Brokers have approached us and have had conversations about the account. And of course, we’ll help them if they decide to change.”

Groupama chief executive François-Xavier Boisseau said he was talking to brokers, who were supportive.

Boisseau has told brokers that Groupama’s UK book has a 200% solvency ratio and is separately capitalised from the rest of the group, currently weakened by the eurozone problems.

Standard & Poor’s has Groupama, and its subsidiaries, rated as BBB-, which is equivalent to one above junk. Groupama has put its UK arm and its broking subsidiaries up for sale.

Boisseau said: “Feedback from supporting brokers has been overwhelmingly positive and very supportive. It is very pleasing that we have recently confirmed a number of valuable new deals and we continue to see an encouraging level of interest and support from our business partners.     

“We have been in touch with all Groupama brokers to update them about the sale process and we will continue to keep them informed as developments occur. As you might imagine, we have very close relationships with our major supporting brokers and have spoken personally with all of them to inform them of the news. 

“Given the importance of these connections, we have a regular and ongoing business dialogue with them to manage any queries and concerns.”