Allianz buys majority stake in Greek insurer for €207m

Mark Battersby
clock • 1 min read

German headquartered global insurer and asset manager Allianz is to acquire 72% of Greek insurer European Reliance for €207m. European Reliance, currently the largest independent insurance undertaking in Greece, has 223 million euros in gross written premiums with a network of 110 retail offices and 5,667 agents. In a statement, Allianz said the deal is the continuation of its stated strategy to grow its franchise by leveraging its scale and expertise. Allianz will pay €7.80 per share or approximately €207m to acquire all the outstanding shares of European Reliance via the SPAs and...

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