Piraeus Targets 70% Stake in Ethniki Insurance for €469m
Deal News | Feb 10, 2025 | Re-Insurance News
Piraeus Financial Holdings has entered into exclusive talks with CVC Capital Partners Fund VII to acquire a 70% stake in Ethniki Insurance for €469 million. Ethniki Insurance is a significant player in the Greek insurance market, with a market share of 14% and gross written premiums amounting to €0.8 billion. The acquisition is expected to diversify Piraeus’ revenue pool and bring enhanced value to its shareholders. UBS Europe SE provides financial advisory services for the deal, while actuarial and legal advisories are being furnished by Milliman and Milbank LLP, as well as Moratis Passas Law Firm. The transaction would mark a strategic expansion for Piraeus in the insurance sector.
Sectors
- Insurance
- Financial Services
- Private Equity
Geography
- Greece – Ethniki Insurance operates extensively in Greece and holds a substantial market share in the Greek insurance industry.
Industry
- Insurance – The article focuses on Ethniki Insurance which operates within the insurance sector, providing a wide range of insurance products.
- Financial Services – Piraeus Financial Holdings, involved in the acquisition, is a financial services firm looking to diversify through the insurance market.
- Private Equity – CVC Capital Partners Fund VII, a private equity firm, is the current majority stakeholder in Ethniki Insurance.
Financials
- €469 million – The proposed acquisition price for the 70% stake in Ethniki Insurance.
- €0.8 billion – The gross written premiums of Ethniki Insurance in 2023.
- €4 billion – The total assets of Ethniki Insurance as of 2023.
- €0.4 billion – The shareholders' equity of Ethniki Insurance as of 2023.
- €100 million – The profit before tax adjusted for non-recurring items reported by Ethniki Insurance in 2023.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Piraeus Financial Holdings | Bidding Company/Buyer | Company | A financial services holding company active in banking and other financial activities, seeking to acquire a stake in Ethniki Insurance. |
| CVC Capital Partners Fund VII | Selling Company/Vendor | Company | A private equity firm currently holding a majority stake in Ethniki Insurance. |
| Ethniki Insurance | Target company | Company | A major Greek insurance company offering a wide range of insurance products with a significant market share. |
| UBS Europe SE | Financial Advisor | Company | Providing exclusive financial advisory services to Piraeus for the potential acquisition. |
| Milliman | Actuarial Advisor | Company | Offering actuarial advice to Piraeus for the transaction. |
| Milbank LLP | International Legal Counsel | Company | Serving as international legal advisors for the transaction. |
| Moratis Passas Law Firm | Local Legal Counsel | Company | Serving as local legal advisors for the transaction in Greece. |