Motor insurer sold by US owners

MMA parent company Covea has completed its acquisition of Halifax-based motor insurer Provident, as predicted by Insurance Times earlier today.

In a statement from the French mutual insurance group, Covea said it was “reinforcing its position in the United Kingdom through the acquisition of specialist motor insurer, Provident Insurance, from Car Care Plan (Holdings) Limited, a subsidiary of the US financial services company, Ally Financial (formerly GMAC)”.

Covea already has a presence in the UK through MMA Insurance and Swinton

“The activities of Provident Insurance are highly complementary to our existing United Kingdom operations. Known for its technical excellence, Provident Insurance represents a great opportunity for Covéa to add to its international operations”, said Covea chairman Thierry Derez.

The deal is subject to FSA approval.