Allianz acquires Groupama’s French brokerage subsidiary

by Gill Montia

Story link: Allianz acquires Groupama’s French brokerage subsidiary

Allianz and Groupama have reached an agreement for Allianz France to acquire the property and casualty brokerage-related activities of Groupama subsidiary, Gan Eurocourtage.

Gan Eurocourtage is a leading property and casualty franchise in the French market and the transfer will create one of the largest brokerage franchises in the country, enhancing Allianz’s existing relationships with approximately 2,500 brokers.

The transferred portfolio represents approximately €800 million of revenues for 2011 and total assets of €1.9 billion.

The deal is expected to close during the fourth quarter of 2012 when around 600 staff from Gan Eurocourtage will be joining Allianz.

Financial terms of the transaction have not been disclosed.