By Kim Richters

Credit Agricole SA said Thursday that its insurance business Credit Agricole Assurances has agreed to take over a 50% stake in Europ Assistance France as part of a strategic partnership to extend its assistance services to customers.

Under the agreement, it plans to take over half of the Assicurazioni Generali SpA-subsidiary's business in the French market with its nonlife insurance subsidiary Pacifica in January next year. One year later, Credit Agricole Assurances will assign their French assistance activities to Europ Assistance.

The company didn't disclose any financial terms of the deal.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

October 22, 2020 03:07 ET (07:07 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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