PIRAEUS Bank, Greece's biggest lender, has completed the sale of its ATE Insurance business to ERGO Group - part of German reinsurer MUNICH Re - for EUR 90.1 million. The transaction makes ERGO the largest property-casualty insurer in the market, and the price is subject to net asset value adjustments, ERGO said in a statement.

In 2015, the Greek subsidiary ERGO Hellas recorded a premium income of EUR 141 million - almost completely from the property-casualty segment, while ATE recorded a premium income of EUR 125 million - there of EUR 91 million in property-casualty insurance.

"ERGO is convinced of the potential of the Greek insurance market even though the economic situation of the country has been challenging during the past years: The total insurance penetration in Greece is much lower than in other EU countries; the market shows attractive growth opportunities especially in the property-casualty segment", the German insurer stated on its website.