Groupama in the UK up for sale
Groupama is to sell its UK operation as the French insurer scrabbles to raise funds to shore up its EU debt position.
It is understood that in relation to its exposures to the EU debt crisis, Groupama is looking to raise upwards of £300m with the sale of its UK arm which includes brokers Bollington, Carole Nash and Lark.
The insurer hopes that if it can raise enough capital, it will be able to avoid the dreaded junk bond status that has stalked it since late last year.
Eric Galbraith, chief executive of the British Insurance Brokers' Association, said he was sad to see Groupama go but hoped that it would be
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