Th National Bank of Greece, the shareholder of Ethniki Asfalistiki - the largest and the oldest insurer in the country - announced that on Extraordinary General Meeting of its Shareholders held on April 21st 2021 remotely in real-time via teleconference it was approved the sale of 90.01% in the company to CVC.
The private equity and investment advisory firm CVC Capital Partners' Fund VII has entered into a definitive agreement to acquire 90.01% of Ethniki Insurance from National Bank of Greece (NBG), in a deal that values the Greek insurer at about EUR 505 million.
According to the year-end market figures published by HAIC - the Hellenic Association of Insurance Companies, the Greek insurance market totaled EUR 3.92 billion at the end of 2020, down by 3.7% y-o-y.
SSL Endeavour in Greece & Cyprus has now officially rebranded to OneGlobal Insurance Broking Ltd in full alignment with the Group's businesses globally. The group's rebranding operation started in June 2020, announcing ambitious plans for organic growth and the acquisition of like-minded broking businesses and talented individuals.
Global insurers AXA and GENERALI announced that they entered into an agreement on the Greek market. Under the terms of the agreement, AXA will sell its Life & Savings and Property & Casualty businesses in the country to GENERALI for a consideration of EUR 165 million, representing a multiple of 12.2 times 2019 earnings, subject to closing adjustments.
According to the 3Q preliminary insurance market figures published by HAIC - Hellenic Association of Insurance Companies, at the end of September 2020, the local insurance market totaled EUR 2.87 billion, down by 4.5% y-o-y.
National Bank of Greece is in advanced talks with CVC Capital Partners about the sale of ETHNIKI Insurance - the largest insurance company in Greece. The value of the transaction of sale of 80% of Greek insurer - mentioned by media is around EUR 460-480 million.
At the end of June 2020, the Greek insurance market totaled EUR 1.93 billion, down by 4.5% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC).
French insurer AXA is in talks to sell its Greek operations to Italian group Assicurazioni GENERALI, Blomberg reports citing sources, "as part of its plans to ditch business lines deemed surplus to requirements".
HAIC - the Hellenic Association of Insurance Companies has published the preliminary figures of the local insurance market. According to the data of the member insurance companies, the value of Q1 2020 aggregate GWP - life and non-life insurance, added-up, decreased by 1.6% y-o-y to EUR 988 million.
The number of uninsured vehicles in Greece is of about 586 thousand, Dimitris Zorbas, president of the cars division of the Association of Greek Insurance Companies stated recently referring to statistical data for 2018-2020, The National Herald reported.
At the end of 2019 the SEE insurance market
(the region formed by Cyprus, Greece and Turkey) totaled about EUR 15.3 billion in terms of GWP, 12.5% more y-o-y, according to preliminary figures centralized by XPRIMM.
A 6.0 magnitude quake struck off on Saturday May 2nd, the Greek island of Crete - which is a popular holiday destination - but there were no reports of casualties or damage. "It was not immediately known the level of damage or injuries on the island, which is one of Grece's biggest, but experts believe it is minimal", wrote reuters.
The National Bank of Greece (NBG) putted its insurance unit sale on hold after "the Coronavirus pandemic dashed any lingering hopes of a successful auction", wrote bloomberg
quoting people familiar with the matter.
According to the year-end market figures published by HAIC - the Hellenic Association of Insurance Companies, the Greek insurance market totalled EUR 4.07 billion at the end of 2019, up by 8.7% y-o-y.
At the end of 3Q2019, the SEE insurance market
(inclusing Cyprus, Greece and Turkey) totaled about EUR 11.5 billion in GWP, 26.44% more y-o-y, according to preliminary figures centralized by XPRIMM.
For the period between January and October 2019, life insurance had a positive trend. According to the data of EAEE (The Association of Insurance Companies of Greece), the Greek life sector saw a 19.1% rise y-o-y, reaching EUR 1.65 billion.
Latest news available show the group of bidders interested by the sale of the leading Greek insurance company Ethniki to five: the Chinese group Fosun, the investment funds CVC Capital Partners, Centerbridge and Lone Star, and a special purpose vehicle called I3CP, which is associated with Leadenhall Capital Partners.
The Greek insurers reported aggregate GWP of EUR 3 billion at the end of September 2019, up by 7.8% y-o-y, according to the nine-months market report published by the Hellenic Association of Insurance Companies (HAIC).
Hellenic Bank signed a share-purchase agreement with MetLife Services Cyprus Limited for the acquisition of the entire participation interest of MetLife (equal to 27,5%) in the share capital of Hellenic Alico Life Insurance Company Limited.