Groupama is merging its subsidiaries in several European countries

The insurer has materialized the merger of its three italian subsidiaries: Groupama (life), Groupama (non life) and Nuova Tirrena. The three companies will be joined under a single banner with the name of Groupama Assicurazione. The new entity will account for 1.4 billion EUR (2 billion USD) of turnover, 1.05 billion EUR (1.5 billion USD) of which in non-life insurance. Groupama is targeting a 20% growth per year in life and 4% in non-life up to 2012. The 2012 combined ratio forecast is 98%.

In Rumania, the company has merged Asiban and BT Asigurari to set up the country's number three insurer. By the end of 2009, OTP garancia will join this new entity.

In Turkey, Groupama Sigorta (non-life) and Emeklilik have also followed this trend of merger. Jean Azema, Groupama's general manager , is in favor of the takeover of competitors even if that required the listing of his company to acquire the needed funds.

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