The agreement successfully concludes exclusive negotiations held between Allianz and Groupama since April 27, 2012.
Allianz France and Groupama agree to transfer Gan Eurocourtage P&C brokerage-related activities to Allianz France
Gan Eurocourtage is a leading Property and Casualty franchise in the French brokerage market. It is widely recognized for its broker management competencies, technology and servicing capabilities as well as strong technical expertise in a wide range of risks and products, served by a compelling distribution culture.
"This transfer will create one of the largest brokerage franchises in France, substantially enhancing Allianz brokerage relationships with approximately 2,500 brokers. Brokers and their customers will benefit from the strong capital position of Allianz Group as well as from both players' strengths on the brokerage market: local presence, expertise, reactivity, international reach and long-term relationships," says Jacques Richier, Chief Executive Officer of Allianz France. "This transaction is fully in line with the Allianz France 2012-2015 strategic plan Growing successful."
Thierry Martel, Groupama SA Chief Executive Officer, adds, "The positive effects of this transaction are twofold. It allows Gan Eurocourtage teams to continue to demonstrate their professionalism within one of the world's leading insurance companies while consolidating Groupama's solvency position. On a social level, one key value of Groupama's mutualism, the quality of the commitments made by Allianz has significantly contributed to the success of this transaction".
The Property and Casualty brokerage-related portfolio of Gan Eurocourtage (except for transport activities) will be transferred to Allianz France, including all related assets and liabilities. The transferred portfolio represents approximately €800m in 2011 of revenues, total assets of €1.9bn, and around 600 people from Gan Eurocourtage will be joining Allianz.
The transaction is expected to close during the fourth quarter of 2012, subject to regulatory and antitrust approvals. Until closing, both companies will continue to operate independently.
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