The insurance market of Greece totaled EUR 3.19 billion at the end of December 2018, up by 1.8% y-o-y, according to the preliminary figures published by the Hellenic Association of Insurance Companies (HAIC).
The Greek central bank's Credit and Insurance Committee announced it has banned the proposed acquisition of a 100% stake in Credit Agricole Life by the Bulgarian Euroins Insurance Group (EIG).
After the failure of the previously announced acquisition attempts made by Fosun, Exin or Gongbao, it seems that a new opportunity to sell Ethniki - Hellenic General Insurance Co. presented itself to National Bank of Greece, with a bid launched by a consortium led by Hannover Re S.E.
The Greek insurers reported aggregate GWP of EUR 2.87 billion at the end of September 2018, up by 2.1% y-o-y, according to the nine-months market report published by the Hellenic Association of Insurance Companies (HAIC).
The National Bank of Greece (NBG) and the owner of the largest and the oldest Greek insurer - Ethniki - will ask the EU for more time to complete the planned asset sale under the EU-approved restructuring plan, according to sources quoted by international media.
GONGBAO was the only bidder in the final stage of binding financial offers for the buyout of a 75% stake in Greece's leading insurer.
Greek insurers will pay over EUR 33.7 million in compensation for the devastating fires that hit Attica on 23 July 2018, according to the first estimate of the Hellenic Insurance Companies Association (EAEE).
At the end of March 2018, the Greek insurance market totaled EUR 999.5 million, up by 3.5% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC).
The exit comes after the collapse of the Ethniki sale to Exin and the failure of another deal.
Following the failure to sell its insurance arm, NBG - National Bank of Greece announced it would continue the process for the sale of ETHNIKI Insurance with the final bidders, wrote local media.
Exin, the aspiring owner of Greece's largest insurer Ethniki, appears to have received a boost from an unlikely source as it continues its odyssey to raise EUR720mn to buy a majority share of the firm.
Two Chinese groups have renewed their interest in buying a majority
stake in National Insurance, Greece's largest insurer, after a EUR 718m
sale agreed with Calamos-Exin, a US-Dutch partnership, collapsed last
month. Fosun Investment and Gonbao Investment, the second- and
third-ranked bidders, "have returned to the reopened sale process" said
one source close to the situation.
One more fight has been won by cab companies, this time in Greece, where a new piece of legislation that might push car-sharing service Uber out of existence in the country has been adopted.
Greece's National Bank (NBG) said on Thursday that a potential deal to sell a 75 percent stake of its wholly-owned insurance subsidiary to EXIN Financial Services Holding had expired a day earlier.