Troubled French mutual Groupama will sell 100 percent of its Spanish operations to Catalana Occidente for EUR405.5mn, the latter has confirmed.
General insurer Groupama España produces some EUR904mn in gross written premiums per annum, of which 85 percent is non-life and 38 percent derives from motor.
Under the latest Groupama asset sale, the Spanish insurance group will buy a 49 percent stake in Groupama España for EUR198m while its largest shareholder (the Serra family) will buy the remaining 51 percent...
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