Covéa today announced its intention to bring together the insurance businesses of Provident Insurance and MMA Insurance into a single company under a new brand for the UK market, Covéa Insurance, while confirming its commitment to the product ranges, distribution channels and locations of the two organisations.
The intention is to transfer the insurance business of Provident Insurance plc into MMA Insurance plc, through an insurance business transfer under Part VII of the Financial Services and Markets Act 2000. This process is subject to approval by the High Court, which amongst other considerations will take into account the opinion of the Financial Services Authority (FSA). At the point that the Part VII transfer is completed, which is expected to be before the end of 2012, MMA Insurance will be renamed Covéa Insurance plc.
The combined entity will provide a broad range of general insurance products to over 1 million customers in the UK, generating revenue of over £420m and employing nearly 800 staff.
“We are confident that a combined organisation will create the optimal platform for growth, and will best enable us to capitalise on the significant strengths of both Provident and MMA to the benefit of our employees, customers and business partners”, commented Bernard Barrère, joint CEO of MMA Holdings UK plc.