Groupama is set to sell its healthcare arm to Simplyhealth to concentrate on general insurance.
Groupama chief executive François-Xavier Boisseau said the insurer decided to sell Groupama Healthcare because it had not achieved the critical mass or profits it wanted.
“We concluded that it would be beneficial to identify a new owner with the scale and resources necessary to offer the support required to build on the progress we have made," he added.
Simplyhealth chief executive Des Benjamin said: “By acquiring Groupama Healthcare, an award-winning business, we have the opportunity to build greater presence in the small to medium business sector and grow market share."
Groupama Healthcare will be rebranded to Simplyhealth within three to six months as part of the deal.
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