NN Group announces that it has obtained competition clearance from the European Commission to acquire MetLife's business activities in Poland and Greece. The intended acquisition was announced
on 5 July 2021.
The risk of reduced profitability, mainly in the long run, remains high, due to reduced demand for non-compulsory insurance, as stated by the Bank of Greece in its latest Financial Stability Report.
Q3 2021 preliminary insurance market figures published by HAIC - Hellenic Association of Insurance Companies, shows that at the end of September 2021, the Greek insurance market totaled EUR 3.17 billion, up by 9.3% y-o-y)
Hellas Direct, one of the largest motor insurance companies in Greece, is preparing to enter the Romanian market, insuranceforum.gr
Half year premiums underwritten by Greek insurers members of Hellenic Association of Insurance Companies (HAIC) totaled EUR 2.13 billion, 9.4% more y-o-y according to end-June 2021 preliminary figures.
The potential acquisition reported by XPRIMM last week
has become a certainty, with Dutch Group NN agreeing with American MetLife to acquire the latter's business activities in Poland and Greece for a consideration of EUR 584 million.
Dutch NN Group NV offered to acquire part of MetLife Inc.'s businesses in Europe, saying the move is in line with its strategy to consolidate leading positions in attractive growth markets, Bloomberg reports.
The European Bank for Reconstruction and Development (EBRD) is providing a mandatory convertible debt facility of EUR 10 million to Hellas Direct Insurance Limited, a fast growing, tech-driven insurance company, to support its growth and provide the company with solvency capital. The debt facility is part of a larger financing round of EUR 32 million.
HAIC - the Hellenic Association of Insurance Companies has published the Q1 20201 preliminary figures of the local insurance market. According to the data of the member insurance companies, the value of aggregate GWP - life and non-life insurance, added-up, was up by 8.1% y-o-y to EUR 1.07 billion.
Thus, during the first quarter of 2021, the Greek life insurance segment increased by more than 14% y-o-y to EUR 518.7 million, while the general insurance subclasses expanded by almost 3% y-o-y to EUR 557 million.
The Q1 2020 market results published by HAIC include the figures for 50 insurance companies of which 18 were active in life insurance (and accounted for 99.8% of the segment market's full data for 2020) and 45 were active in non-life insurance (94.6% market share).
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.