The alliance between several mutuals has given birth to the SGAM

The alliance between several mutuals has given birth to the Société de Groupe d'Assurances Mutualistes (SGAM). Such move has been already achieved in the past by Maaf, MMA and GMF which set up SGAM Covéa. This time, it is Macif, Matmut and Maif which pool up within a common holding. The turnover would amount to 9 billion EUR (12 billion USD). Ten million shareholders are involved in this union.