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.