Fairfax Monetary Holdings has signed a time period sheet with Eurobank Ergasias Companies and Holdings, which is able to see Eurobank or its affiliate buying an 80% stake within the life insurance coverage enterprise of Eurolife FFH Insurance coverage Group Holdings (Eurolife) from Fairfax associates for €813m ($944m) in money.
Submit-transaction, Eurobank will totally personal Eurolife’s life insurance coverage operations, whereas Fairfax will proceed to carry an 80% stake within the property and casualty (P&C) insurance coverage enterprise of Eurolife.
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Concurrently, Fairfax will acquire a forty five% fairness curiosity in ERB Asfalistiki, the entity via which Eurobank operates its P&C insurance coverage enterprise in Cyprus, for a money consideration of €59m.
Fairfax may even have the choice to buy the remaining 55% stake in ERB Asfalistiki sooner or later.
The completion of the transactions is contingent on commonplace closing situations and is because of be finalised within the first quarter of 2026.
Upon finalisation, Alexandros Sarrigeorgiou shall be appointed as government chairman of Board of Administrators for Eurolife’s basic insurance coverage enterprise, and Vassilis Nikiforakis, at the moment Eurolife’s chief monetary officer, will take over as CEO and managing director of the overall insurance coverage division.
This deal is anticipated to bolster Fairfax’s presence within the Greek insurance coverage business.
Fairfax CEO and chairman Prem Watsa stated: “We’re very happy to have the ability to preserve the main target of our insurance coverage operations on property and casualty insurance coverage and reinsurance, whereas nonetheless benefitting from the continued success of the Eurolife life insurance coverage enterprise via our possession stake in Eurobank.
“Eurolife’s life insurance coverage enterprise has performed extremely properly underneath the management of Alexandros Sarrigeorgiou, and we anticipate that it’s going to proceed to carry out very properly underneath the possession of Eurobank and its chief, Fokion Karavias.”
