Groupama in Proposed Acquisition of Gan Eurocourtage by Allianz

Cleary Gottlieb is advising Groupama SA in the proposed acquisition by Allianz of the brokerage-related activities, excluding transport, of Gan Eurocourtage, a 100% subsidiary of Groupama SA. Both parties announced on April 27 that they have entered into exclusive negotiations.

Groupama is the number one mutual insurance company in France and the eighth largest French insurance company, with more than 16 million members and customers and total premiums of €17.2 billion in 2011. Groupama offers insurance-related services and banking activities for both personal and corporate lines, and operates in all insurance sectors including life, health, property and casualty.

Third insurer in the brokerage sector in France, GAN Eurocourtage is a general damages insurer which benefits from a strong position as an insurer for middle-sized companies.

Allianz is a global leader in insurance and asset management products and services, with approximately 78 million private and corporate customers and total revenues of €103.6 billion in 2011.