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Groupama in talks to sell shipping portfolio
July 2, 2012 / 5:00 PM / 5 years ago

Groupama in talks to sell shipping portfolio

PARIS, July 2 (Reuters) - Troubled French insurer Groupama, offloading assets to bolster its balance sheet, said on Monday it was in talks to sell a French shipping insurance portfolio to Swiss group Helvetia Insurance.

The portfolio is currently housed in Groupama unit Gan Eurocourtage, which has already sold its property and casualty brokerage activities to German insurer Allianz.

No price information was disclosed and a Groupama spokeswoman declined to give detail on the size of the portfolio or its financial performance.

Groupama’s debt was cut to “junk” by Standard & Poor’s on June 25. (Reporting by Lionel Laurent; Editing by Dan Lalor)

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