Groupama Insurances has denied reports that it is to shelve plans for a high net worth arm.
A spokesman for the insurer said the high net worth division would be launched in the second quarter of 2002.
He said the plans had been underway before the company's French parent decided to put it up for sale, and the move has not been affected by the sale delay.
"There are sound reasons for our move into high net worth," he said.
"We are expecting a substantial growth in premium income as a result."
