CMB SELLS NAVIGA TO SMAP

CMB SELLS NAVIGA TO SMAP    Societe Mutuelle des Administrations Publiques (Smap) has reached an agreement with CMB to acquire Naviga SA, subject to approval by regulating authorities.
   The sale price is euro 108.9 million (about $108 million), subject to a price adjustment based on half year results as of June 30.
   Smap said the acquisition allows it to 'expand its multi-channel distribution net and will reinforce the insurances sold through brokers,' as well as its offices, the Internet site, call center and inspectors.
   Naviga's 2001 premium receipts amounted to euro 104 million and the technical reserves amounted to more than euro 538 million.
   Through Mauretus Assurances, Smap is already represented in the market for the sale of insurance products via brokers.
   The sale of Naviga by CMB 'fits in with the group's renewed focus on its maritime activities,' said Marc Saverys, CMB's managing director. 'However, the CMB Group will maintain close ties with Naviga in the field of insurance and banking activities.'