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Jul 2012 Allianz France has reached an agreement with Groupama for the takeover of its subsidiary Gan Eurocourtage. This move will result in the emergence of a brokerage leader in non-life insurance in France with a network of about 2500 brokers. This move materialized after several months of rumors and negotiations. Talks started out late in April 2012. Groupama and Allianz will proceed to the transfer of portfolio excluding Groupama marine underwritings which are not part of the agreement. The transferred activities generate 800 million EUR (1 036 million USD) in profits. The transaction price is comprised within a bracket of 200 to 300 million EUR (259 to 388 million USD).