CGU France breaks off talks with mutuals

PARIS - CGNU French subsidiary, CGU France, and the French mutual grouping, Mutuelles du Mans Assurances/MAAF, have broken off talks aimed at establishing a partnership covering their respective activities in the French life and non-life markets. There had been speculation that CGU was planning to sell its property/casualty business to the two mutual groups, which have been closely associated since MAAF chairman, Jean-Claude Seys, took over the chairmanship of MMA in 1998. This was denied, however by CGU in July when the existence of talks between it and the two mutual groups was revealed.