Published on 07.17.2012
Groupama announces the transfer to Helvetia of Gan
Eurocourtage Marine & Transport business in France
Groupama announces that it has signed a definitive
agreement with Helvetia Assurance SA for the transfer of
the Marine insurance portfolio underwritten from France of
Gan Eurocourtage, a subsidiary of Groupama.
"The transfer of Gan Eurocourtage's Marine portfolio
meets a twofold objective: to guarantee the continuity of
this activity and strengthen Groupama's solvency," comments
Thierry Martel, Groupama SA's Chief Executive Officer.
The transaction involves the portfolio transfer of Gan
Eurocourtage's Marine business underwritten from its French
entities, representing a turnover of 166 million euros in
2011. Under this agreement, Helvetia will pay Gan
Eurocourtage 38.5 million euros for the transferred
portfolio. This price does not include the equity amount
and is subject to adjustments based on the results as at 30
September 2012. Approximately 240 people from Gan
Eurocourtage will be joining Helvetia Assurance SA.
"This is a fantastic opportunity for Gan
Eurocourtage's teams dedicated to the Marine market in
France to be part of a group with an expertise in Transport
insurance," explains Baudouin Caillemer, Gan Eurocourtage's
Chief Executive Officer, "Helvetia will benefit from
the technical knowledge and professionalism of our teams
and will maintain the culture of proximity recognised by
all our partners."
Helvetia is a Swiss life and non-life insurance group with
a total turnover of 7 billion Swiss francs (5.8 billion
euros) in 2011, present in six countries and whose business
in France represents a total turnover of 83 million
Gan Eurocourtage will continue to operate as usual until
the final completion of the transaction, expected to take
place during the fourth quarter of 2012, following approval
by the supervisory authorities.