EXIN Group strikes €718m deal to acquire Ethniki Hellenic General Insurance

Dutch firm EXIN Financial Services Holding said on June 29 that it acquired a 75 percent stake in insurer Ethniki Hellenic General Insurance from the National Bank of Greece (NBG) for €718 million.

The transaction implies an enterprise value of €958 million.

“I have been looking for opportunities to invest in Greece for quite some time,” said EXIN co-founder John Calamos. “We are delighted our search has culminated in such an excellent fit for our long-term strategy.”

NBG will retain a 25 percent stake in Ethniki Insurance, which remains NBG's exclusive bancassurance provider under a new 10-year partnership agreement for life, savings and non-life insurance products.

The deal and partnership demonstrates EXIN’s commitment to developing opportunities in the region following its purchase of a 50 percent stake in AIG Greece in December 2016, according to the company statement. On completion, EXIN’s portfolio companies will generate approximately €1 billion in premiums annually from the Greek insurance market.

EXIN and NBG share a common ambition to develop Ethniki Insurance with a substantial upgrade of core systems and processes, according to the statement. EXIN will contribute distribution, technical, underwriting and digital expertise to the partnership including EXIN's ‘Intelligent Data’, a proprietary application and algorithm-based predictive behaviour technology.

John Koudounis co-founder of EXIN, commented: “The Ethniki Insurance deal reinforces our commitment to the Southern European financial services market as part of our Pan-European strategy. EXIN has the expertise to lead a renaissance for the industry across the region.”

Founded in 1891, Ethniki Hellenic General Insurance is the largest insurance company in Greece. The company offers life, personal accident, permanent total disability, protection, and health insurance. It also provides fixed term savings plans; residential insurance; group life and health, and personal accident insurance; liability; and property insurance.

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