French mutual Covéa adds new member
French mutual insurance group Covéa has confirmed Apgis is to join its group.
Apgis will benefit from the sales networks within the group, and will retain the control of its strategy and of its costs. While the Covéa group will profit from a new expertise health Apgis brings.
Apgis is France's 12th largest provident institution and had insurance operations worth E340m in 2010, 78% of which were in health.
Covéa group is formed of MMA, Maaf and GMF and is the largest provider of individual property/casualty insurance in France with a turnover in 2010 of E13.6bn. Apgis will work mainly with Maaf.
"Apgis and Covéa share the same values of humanism and solidarity, the same attention paid to the people and the same designs in comparison with social protection," said Thierry Derez, president of Covéa.
The agreement is subjected to prior approval.
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