Allianz SE is to buy 72% of Greek insurer European Reliance in a deal worth €207m.
The deal was said by the insurer to be part of its strategy to grow its franchise. European Reliance is understood to have €223m in gross written premiums, with 110 retail offices and 5,667 agents.
European Reliance, once combined with Allianz Hellas, would become the first in Property-Casualty insurance, the fifth largest insurance company in Greece based on gross written premiums and the fifth-largest life/health insurer. European Reliance’s CEO Christos Georgakopoulos will assume the role of CEO of the combined company.
Sergio Balbinot, member of the board of management of Allianz SE, said: “This is an exciting opportunity for Allianz to elevate its position in the attractive Greek insurance market with an ideal entity such as European Reliance.”
He added: “I look forward to welcoming European Reliance’s employees to the Allianz Group after all the regulatory clearances are granted. Together, we will have deep sector knowledge and be well-placed for success.”
Following the approval by the Bank of Greece, the Hellenic Competition Commission and the Hellenic Capital Market Commission, Allianz intends to publish the approved Information Circular and proceed with the Voluntary Tender Offer for the shares in European Reliance at the same price. The shareholders can then tender their shares within the acceptance period.
