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.
Exin is "close" to being in a position to make a fully financed bid for Greek state-owned insurer Ethniki and still has a superior value proposition to the Chinese bidders lining up to challenge it, the group's CEO Matt Fairfield has told The Insurance Insider.
Exin has lost exclusivity in the race to buy Greek state-owned insurer Ethniki and will now have to fight off competition from Chinese bidders including Fosun, The Insurance Insider understands.
Greece's National Bank is exploring all options on the sale of a majority stake in its wholly-owned insurance unit after a deal to sell the subsidiary to Netherlands-based investor Exin expired on Wednesday, the banks's CFO said.
China's FOSUN expressed its interest in Greece's largest insurer ETHNIKI a few days before the deadline for the EXIN Group to implement the deal for the acquisition of 75% of ETHNIKI from National Bank of Greece - NBG.
The Greek government may opt to list a portion of Ethniki's equity on a public market if Exin's offer to acquire the insurer falls flat, local press reports indicate.
According to the year-end market figures published by HAIC - the Hellenic Association of Insurance Companies, the Greek insurance market totalled EUR.3.78 billion at the end of 2017, up by 0.05% y-o-y.
The sale of the Greek largest insurer to the American-Dutch consortium CALAMOS-EXIN remained under the question mark after CALAMOS Family Partners had filed a legal action against EXIN Financial Services Holdings, wrote ekathimerini.com.
The management of National Bank of Greece is considering waiting out the nine-month period of the provisional agreement with Exin Financial Services Holdings BV for the sale of Ethniki Insurance to see whether the deal falls through.
Exin Group has asked the Bank of Greece to extend the deadline for providing details on the way it will fund its proposed EUR718mn (USD 895mn) acquisition of a majority stake in state-owned Ethniki Insurance.
The acquisition of National Bank's insurance business by Calamos and Exin seems poised to collapse after Calamos Family Partners (CFP) announced that it had filed legal action against EXIN Financial Services Holdings, the Dutch holding company of the EXIN Group.
Exin Financial Group has pledged that by end-January it will have submitted the details of the funding needed to acquire Ethniki Insurance. So far the group is said to have informed the monitoring authorities and National Bank of Greece that Pimco and Berkshire Hathaway will participate in the deal's financing.
The Greek insurers reported gross written premiums of EUR 2.80 billion at the end of September 2017, up by 0.26% y-o-y, according to the nine-months market report published by the Hellenic Association of Insurance Companies (HAIC).
National Bank of Greece and the Exin Group proceeded on Thursday with work toward submitting to the Bank of Greece a draft set of documents for the acquisition of NBG subsidiary Ethniki Insurance by Exin Financial Services Holding, paving the way for the implementation of the deal signed in June.
John Koudounis, CEO of Calamos Investments and the mastermind behind the
acquisition of Greece's biggest insurance company by the EXIN Fund,
says that Greece makes investment sense because it's economy is slowly
The Greek insurers members of HAIC - Hellenic Association of Insurance Companies, reported a GWP of EUR 1.9 billion in 1H2017, or 1.2% more y-o-y, according to the half year report published on HAIC's website.
Eurolife ERB has selected the FRISS solution to confront insurance fraud more effectively. Eurolife ERB will be using FRISS to assess risks at underwriting and to detect fraud during the claims process, has announced FRISS.
Greece's second-largest lender National Bank (NBG) will sell more assets
in the Balkans, including its Romanian operations, to complete a
restructuring plan agreed with European authorities, its chief executive
said on Tuesday.