Allianz Scoops Up Groupama's French Insurance Unit

Law360, New York (June 8, 2012, 1:55 PM EDT) -- U.K.-based Groupama SA has agreed to sign over the property and casualty brokerage-related services of its Gan Eurocourtage unit to Allianz SE's French subsidiary, Allianz said Friday.

The parties did not disclose a purchase price, but Allianz said Gan Eurocourtage had generated €800 million ($999 million) in revenues for 2011 and held €1.9 billion in assets. Terms do not include transport activities, the companies said.

Pending regulatory and antitrust approvals, the insurers expect to close the transaction in the fourth quarter of this year.

The combined...
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