Life and general insurer CGNU, which operates in the Irish market under the Hibernian brand, has started exclusive discussions with Groupama on the sale of one of its French general operations, CGU Courtage.
The sale is in line with overall group strategy to concentrate on personal and small commercial business in the general insurance market, according to a group spokeswoman.
The group will retain its larger CGU France general operations which generated premium income of €695 million in 2000 (2001 figures will be released in February).
Groupama is a mutual society and is the fifth largest insurer in France.
GGU Courtage generated premium income of €355 million in 2000 selling insurance to small and medium businesses through the broker market.
This business does not fit the strategy of the group going forward, according to the spokeswoman.
Profit/loss figures for the operation are not disclosed. CGNU group strategy for its general insurance operation involves focusing on personal and small commercial business and achieving top five positions in its geographic markets.
