Eurobank to Acquire Full Ownership of Eurolife Life Insurance Operations
Fairfax Financial Holdings has signed a term sheet with Eurobank Ergasias Services and Holdings for the sale of its 80% stake in Eurolife FFH's life insurance operations for €813 million.
Following the completion of the deal, Eurolife's life insurance business will become wholly-owned by Eurobank. Meanwhile, Fairfax will retain its 80% stake in Eurolife's property and casualty insurance operations.
- Fairfax will maintain a significant presence in the non-life insurance sector.
- As part of the agreement, Fairfax has agreed to acquire a 45% stake in Eurobank's Cyprus-based insurer ERB Asfalistiki for €59 million.
- Fairfax has rights to acquire the remaining 55% of ERB Asfalistiki over time.
No direct quotes available in the given text.
Author's summary: Eurobank acquires full ownership of Eurolife life insurance operations.
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