Groupama scraps sale

Europe

French insurer Groupama has called off the proposed sale of its UK subsidiary, deciding instead to hold on to Groupama Insurances for at least another five years. The Groupama unit had been set up in 1999 with the merger of Gan Insurance and Lombard General Insurance but was put up for sale last year. It will now appoint new senior management and focus on the same lines as its parent.