Allianz SE today announced it is entering into certain Share Purchase Agreements (SPAs) to acquire 72% of Greek insurer European Reliance General Insurance Company. The German insurer will pay EUR 7.80 per share or approximately EUR 207 million to acquire all the outstanding shares via the SPAs and a combined Voluntary Tender Offer.

European Reliance is one of the largest non-life insurer in Greece with EUR 223 million in GWP, with a network of 110 retail offices and 5,667 agents.

"Following the approval by the Bank of Greece, the Hellenic Competition Commission and the Hellenic Capital Market Commission, Allianz intends to publish the approved Information Circular and proceed with the VTO for the shares in European Reliance at the same price. The shareholders can then tender their shares within the VTO acceptance period", Allianz informed in a statement.

European Reliance, once combined with Allianz Hellas, would become the first in Property-Casualty insurance, the fifth largest insurance company in Greece based on GWP and the fifth largest Life/Health insurer.

Once the transaction is completed, European Reliance's CEO Christos GEORGAKOPOULOS will assume the role of CEO of the combined company.