Franck Cammas’ team may be on a roll after winning the leg into Auckland and challenging the dominant performance of Telefonica, but the longer term plan to compete in the 2014 edition of the Volvo Ocean Race has hit the rocks after the French insurance giant announced its withdrawal.

According to a report in Le Figaro, Groupama’s chief executive Thierry Martel announced today (15 March) that the company is to pull out of all sailing and football sponsorship.

Groupama’s sponsorship of Franck Cammas’ team was originally intended to run through to 2015 and was seen as a welcome and major commitment to the classic race. According to Groupama’s communications director Sylvain Burel, the current sponsorship will run until the end of this race.

The decision is said to follow difficult year end figures for 2011 in which the company was reported to have made a loss of Euros 1.76 billion.