Deal to conclude today
MMA Insurance will complete a deal to buy Halifax-based motor insurer Provident today, Insurance Times understands.
French mutual insurance group Covea, which operates the MMA company, is believed to have reached an agreement with Provident's US-based parent company GMAC.
Provident will be housed within UK holding company, MMA Holdings (UK), which incorporates MMA Insurance, high-street broker Swinton and Gibraltar-based motor insurer Gateway Insurance.
Insurance Times revealed in October that MMA has been negotiating with corporate advisors Goldman Sachs over a £70m deal.
Provident was put up for sale by GMAC in February 2010 after a strategic review of its UK operations.
More to follow.
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