Munich Re's insurance subsidiary Ergo has said it is considering terminating its previously announced EUR90mn acquisition of Greek bancassurer ATE Insurance from Piraeus Bank.

In a statement provided to The Insurance Insider, Ergo said it was in close contact with the bank and that it was looking into the possible consequences of "any change" to the political situation in Greece.

"Provided that the political and economic situation in Greece remains stable, we intend to close the transaction without delay. Read the full story Ergo considers axing GREEK acquisition