AM Online

Groupama sale halted

The sale of insurer Groupama UK has been stopped by its French parent company after the company's French owners gave a five-year guarantee of backing.

Managing director of Groupama UK's personal and commercial insurance lines, Tim Ablett, says the move follows the apparent failure of attempts to dispose of the company's portfolio at a satisfactory price.

Chairman and chief executive Tony Lancaster and Stephen Hartigan have left the company. Jean Paul Bouquin who came over from the French business in October 2001 to advise on the planned portfolio transfer will take temporary charge of the company.

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