Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Senegalese photographer's flashbacks to Africans throughout history

Read more

MEDIAWATCH

Hollande photographed with Julie Gayet on Elysée Palace balcony

Read more

REVISITED

Is Beirut still haunted by ghosts of the civil war?

Read more

THE WORLD THIS WEEK

Band Aid 30 - Hit or Miss? Bob Geldof in Hot Water over Ebola Single

Read more

THE WORLD THIS WEEK

Deal or No Deal with Iran? Home Stretch to Reach Historic Agreement

Read more

FRANCE IN FOCUS

Football scandals: The ugly side of the beautiful game

Read more

#THE 51%

Ending violence against women: The dangers of trial by Twitter

Read more

#TECH 24

Tech giants under scrutiny: The problem with Uber

Read more

FOCUS

Inside an Iranian nuclear research reactor

Read more

France

Big three mutual insurers to merge

Text by FRANCE 24 (with wires)

Latest update : 2009-03-24

Matmut, Maif and Macif, three of the main players in the French insurance market, will come together in a new umbrella group, SGAM, in an effort to remain competitive in the current economic crisis.

France’s three biggest mutual insurance companies have announced plans to merge by the end of 2009.

Matmut, Maif and Macif said the move would “enhance [their] respective positions in an increasingly tense and competitive environment”.

The union of the three companies falls short of an outright merger. Instead, it takes the form of an umbrella holding company, SGAM (societé de groupe d’assurance mutuelle).

All three companies maintained that they would preserve their individual brand identities but would benefit from shared platforms, structures and distribution channels.

The merger will give new life to insurance giant Maif, which has more than 10 million customers (called members) and had sales last year of 9.2 billion euros.

The newly formed SGAM will be particularly strong in the home- and motor-insurance sectors, with 11 million insured vehicles on its books.

Date created : 2009-03-24

COMMENT(S)