Groupama UK pension fund will transfer to parent company

Money

Groupama Insurance Co Ltd (GICL) has injected £40m into its pension fund, which will be subsequently transferred to Groupama SA following its sale to Ageas.

As reported by Insurance Times in July, GICL’s 2011 accounts revealed a £40.6m defined benefit pension deficit.

Ageas UK this morning announced a deal to buy Groupama’s UK non-life insurance business for £116m. The deal excludes Groupama’s UK broking operations.

The transaction is expected to complete during the fourth quarter of 2012, subject to regulatory approvals.

Groupama SA chief executive Thierry Martel said: “With this agreement, Groupama achieves its objective to adjust the group.

“This transaction allows GICL to benefit from Ageas strong financial position and expertise in the UK insurance market.”

 

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