29 June 2017Insurance

EXIN Group strikes €718m deal to acquire Ethniki Hellenic General Insurance

Dutch firm EXIN Financial Services Holding said on June 29 that it acquired a 75 percent stake in insurer Ethniki Hellenic General Insurance from the National Bank of Greece (NBG) for €718 million.

The transaction implies an enterprise value of €958 million.

“I have been looking for opportunities to invest in Greece for quite some time,” said EXIN co-founder John Calamos. “We are delighted our search has culminated in such an excellent fit for our long-term strategy.”

NBG will retain a 25 percent stake in Ethniki Insurance, which remains NBG's exclusive bancassurance provider under a new 10-year partnership agreement for life, savings and non-life insurance products.

The deal and partnership demonstrates EXIN’s commitment to developing opportunities in the region following its purchase of a 50 percent stake in AIG Greece in December 2016, according to the company statement. On completion, EXIN’s portfolio companies will generate approximately €1 billion in premiums annually from the Greek insurance market.

EXIN and NBG share a common ambition to develop Ethniki Insurance with a substantial upgrade of core systems and processes, according to the statement. EXIN will contribute distribution, technical, underwriting and digital expertise to the partnership including EXIN's ‘Intelligent Data’, a proprietary application and algorithm-based predictive behaviour technology.

John Koudounis co-founder of EXIN, commented: “The Ethniki Insurance deal reinforces our commitment to the Southern European financial services market as part of our Pan-European strategy. EXIN has the expertise to lead a renaissance for the industry across the region.”

Founded in 1891, Ethniki Hellenic General Insurance is the largest insurance company in Greece. The company offers life, personal accident, permanent total disability, protection, and health insurance. It also provides fixed term savings plans; residential insurance; group life and health, and personal accident insurance; liability; and property insurance.

Use code "Save20" and to save 20% on selected tickets for  for  Intelligent InsurTECH Europe 2017 - Offer ends July 15th

Today’s stories

PartnerRe chief risk officer and P&C CEO depart

Guy Carpenter launches new Asia Pacific retro unit, appoints leaders

Majority of global insurers see insurtech impacting revenues

Willis Towers Watson poaches QBE exec to head FINEX Australasia

QBE Australia and New Zealand appoints first chief customer officer

World Bank launches first pandemic bond with insurance sector support

AIG elects CEO Duperreault and other directors to board

US motor insurance net losses to grow in 2017: Report

Aegon closes US run-off business sale to Wilton Re

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
20 December 2017   Dutch firm EXIN Financial Services Holding has appointed Christos Adamantiadis as the new principal executive for the group’s portfolio companies and as a member of executive committee.
Insurance
7 February 2018   US investor Calamos Family Partners (CFP) filed a lawsuit in the US against Dutch EXIN Financial Services Holdings for defaulting on loans, according to an emailed statement, putting in doubt the planned acquisition of National Bank of Greece’s insurance unit, according to a Feb. 7 Reuters report.
Insurance
12 February 2018   Rongfeng Holding Group and a related party plan to acquire a majority stake in National Bank Of Greece's insurance unit Ethniki Hellenic General Insurance, according to a Reuters Feb. 12 report.