Fairfax Monetary Holdings has signed a time period sheet with Eurobank Ergasias Companies and Holdings, which can 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 receive a forty five% fairness curiosity in ERB Asfalistiki, the entity by way of which Eurobank operates its P&C insurance coverage enterprise in Cyprus, for a money consideration of €59m.
Fairfax can even have the choice to buy the remaining 55% stake in ERB Asfalistiki sooner or later.
The completion of the transactions is contingent on normal closing circumstances and is because of be finalised within the first quarter of 2026.
Upon finalisation, Alexandros Sarrigeorgiou might be appointed as govt chairman of Board of Administrators for Eurolife’s normal insurance coverage enterprise, and Vassilis Nikiforakis, presently Eurolife’s chief monetary officer, will take over as CEO and managing director of the final insurance coverage division.
This deal is predicted to bolster Fairfax’s presence within the Greek insurance coverage trade.
Fairfax CEO and chairman Prem Watsa stated: “We’re more than 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 by way of our possession stake in Eurobank.
“Eurolife’s life insurance coverage enterprise has accomplished extremely effectively underneath the management of Alexandros Sarrigeorgiou, and we anticipate that it’s going to proceed to carry out very effectively underneath the possession of Eurobank and its chief, Fokion Karavias.”
