Greece
Greece: new bid for the Ethniki acquisition
After the failure of the previously announced acquisition attempts made by Fosun, Exin or Gongbao, it seems that a new opportunity to sell Ethniki - Hellenic General Insurance Co. presented itself to National Bank of Greece, with a bid launched by a consortium led by Hannover Re S.E.
9 January 2019Greece's population in rapid decline
2 January 2019STATISTICS: Greece, 3Q2018: Non-Life pushed-up the quarterly figures
The Greek insurers reported aggregate GWP of EUR 2.87 billion at the end of September 2018, up by 2.1% y-o-y, according to the nine-months market report published by the Hellenic Association of Insurance Companies (HAIC).
22 November 2018Ethniki sale saga continues: NBG to ask EU for more time to complete the sale
The National Bank of Greece (NBG) and the owner of the largest and the oldest Greek insurer - Ethniki - will ask the EU for more time to complete the planned asset sale under the EU-approved restructuring plan, according to sources quoted by international media.
1 November 2018Greece's NBG to ask EU for more time to complete asset sales plan
25 October 2018REUTERS wrote, quoting NBG representatives, that "no further negotiations with GONGBAO would be pursued".
GONGBAO was the only bidder in the final stage of binding financial offers for the buyout of a 75% stake in Greece's leading insurer.
24 October 2018GREECE: More than 30 million euros in insurance payouts over Attica fire tragedy
23 August 2018Greece: the devastating fires in Attica will cost insurers over EUR 33.7 million
Greek insurers will pay over EUR 33.7 million in compensation for the devastating fires that hit Attica on 23 July 2018, according to the first estimate of the Hellenic Insurance Companies Association (EAEE).
23 August 2018Insurers braced for Greek holiday home wildfire claims
5 August 2018GREECE eyes larger marine insurance role as hard Brexit looms
29 July 2018STATISTICS: GREECE: Almost EUR 1 billion in first quarter GWP
At the end of March 2018, the Greek insurance market totaled EUR 999.5 million, up by 3.5% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC).
25 June 2018GREECE: CEO of Ethniki owner National Bank of Greece steps down
The exit comes after the collapse of the Ethniki sale to Exin and the failure of another deal.
17 May 2018NBG to continue the ETHNIKI sale process with the runners-up in the last phase
Following the failure to sell its insurance arm, NBG - National Bank of Greece announced it would continue the process for the sale of ETHNIKI Insurance with the final bidders, wrote local media.
3 May 2018Ethniki bidder receives boost from Greek Union as Chinese firms circle
Exin, the aspiring owner of Greece's largest insurer Ethniki, appears to have received a boost from an unlikely source as it continues its odyssey to raise EUR720mn to buy a majority share of the firm.
2 May 2018Chinese groups renew interest in Greek insurance sale
Two Chinese groups have renewed their interest in buying a majority
stake in National Insurance, Greece's largest insurer, after a EUR 718m
sale agreed with Calamos-Exin, a US-Dutch partnership, collapsed last
month. Fosun Investment and Gonbao Investment, the second- and
third-ranked bidders, "have returned to the reopened sale process" said
one source close to the situation.
26 April 2018Uber Suspended in Greece by New Legislation
One more fight has been won by cab companies, this time in Greece, where a new piece of legislation that might push car-sharing service Uber out of existence in the country has been adopted.
11 April 2018GREECE's NBG says deal to sell insurance arm to EXIN terminated
Greece's National Bank (NBG) said on Thursday that a potential deal to sell a 75 percent stake of its wholly-owned insurance subsidiary to EXIN Financial Services Holding had expired a day earlier.
3 April 2018Fairfield: We are still in the race for Ethniki
Exin is "close" to being in a position to make a fully financed bid for Greek state-owned insurer Ethniki and still has a superior value proposition to the Chinese bidders lining up to challenge it, the group's CEO Matt Fairfield has told The Insurance Insider.
3 April 2018Ethniki bid process re-opened after Exin falls short
Exin has lost exclusivity in the race to buy Greek state-owned insurer Ethniki and will now have to fight off competition from Chinese bidders including Fosun, The Insurance Insider understands.
3 April 2018GREECE's NBG looking at all options on insurance arm sale, CFO says
Greece's National Bank is exploring all options on the sale of a majority stake in its wholly-owned insurance unit after a deal to sell the subsidiary to Netherlands-based investor Exin expired on Wednesday, the banks's CFO said.
3 April 2018
