Allianz eyes ‘attractive’ Greek insurance market with €207m European Reliance deal
Allianz SE has agreed to acquire 72% of Greek insurer European Reliance General Insurance Company SA in a deal worth €207 million, as part of its strategy to become the top property/casualty insurer in the country.
European Reliance is said to be the largest independent insurance undertaking in Greece with €223 million in gross written premiums (GWP), a network of 110 retail offices and 5,667 agents.
Allianz will pay €7.80 per share to acquire all the outstanding shares of European Reliance via the share purchase agreements (SPAs) and a combined Voluntary Tender Offer (VTO).
European Reliance, once combined with Allianz Hellas, would become the first in P&C insurance, the fifth largest insurance company in Greece based on GWP and the fifth largest life/health insurer, enabling the company to pursue further growth in the Greek market and expand through new product offerings, distribution channels and customer pools.
Following completion, European Reliance’s chief executive Christos Georgakopoulos will assume the role of CEO of the combined company.
“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,” said Sergio Balbinot (pictured), member of the board of management of Allianz SE.
“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.”
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