MMA / Maaf

French mutuals MMAand Maaf Assurance are to establish a new mutual grouping around their jointly owned reinsurer Covea. Jean Claude Seys, chairman of both groups, said the aim was to enable mutual insurers to enjoy the same economies of scale as other French insurers. He hoped other mutuals would join the group in establishing new joint ventures in motor, corporate insurance and reinsurance. Mr Seys said he expected Covea to grow to be a player in its own right and might represent as many as half all French mutuals in the future.