The French insurers MAAF and MMA - MUTUELLES DU MANS ASSURANCES are to form a strategic alliance with Spain's CASER, providing for an exchange of shares. Under the terms of the Alliance, MAAF and MMA will invest a maximum of 240.4 million euro for a 20% stake in CASER. In exchange, the latter will take a 100% stake in MAAF SEGUROS, Spanish subsidiary of MAAF ASSURANCE and take all MMA's shares in its Spanish subsidiaries, LE MANS SEGUROS and SUDAMERICA VIDA Y PENSIONES, of 99.3% and 60%...