By Inti Landauro

PARIS--French insurance company Groupama SA has sold the brokerage-related activities of its Gan Eurocourtage insurance unit to German insurer Allianz SE (ALV.XE), Groupama's chief executive, Thierry Martel, said Friday.

"This [the sale] is a very good operation for Groupama as it is part of a program to strengthen solvency, as through this cession we strengthen Groupama's shareholders' funds, we raise its liquidity and the financial flexibility," Martel said in an interview with local radio station Radio Classique.

Groupama sold the property and casualty brokerage-related activities of Gan Eurocourtage. The transaction excludes transport-related business.

Groupama expects to close the transaction during the fourth quarter of 2012.

-Write to Inti Landauro at inti.landauro@dowjones.com