Munich Allianz strengthens its business in Greece with the takeover of the insurer European Reliance. The Munich insurance group pays a total of 207 million euros for European Reliance, which is the largest independent company in the industry in Greece to date. According to its own statements, Allianz has already secured a majority of 72 percent of the shares, as announced on Friday evening.
The company is to be merged with Allianz Hellas. Both together would then be the largest property insurer in Greece and number five in life and health policies. The merged company is to be managed by the previous boss of European Reliance, Christos Georgakopoulos.
He is also its largest shareholder with 27 percent, followed by the European Bank for Reconstruction and Development (EBRD), which holds 15 percent. The remaining shareholders are to receive a takeover offer of EUR 7.80 per share. That’s 15 percent higher than European Reliance’s closing price on Friday on the Athens Stock Exchange.
With the takeover, Allianz is following the strategy of making acquisitions in property and casualty insurance in order to achieve leading positions in all markets. Allianz board member Sergio Balbinot spoke of a unique opportunity to make headway in the attractive Greek market. With a good 5,600 agents and 110 offices, European Reliance has a premium volume of EUR 223 million.
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