Ετικέτα: Ethniki Insurance

Piraeus Bank completes the acquisition of Ethniki Insurance

Further to the announcement on 12 March 2025, Piraeus Financial Holdings S.A. informs the investment community that its subsidiary, Piraeus Bank S.A. (“Piraeus”), has concluded the acquisition of the total shares (percentage 100%) of the parent company of Ethniki Insurance, “Ethniki Holdings S.à.r.l.”, from CVC Capital Partners Fund VII and National Bank of Greece (the “Transaction”).
The total consideration paid for the Transaction is €0.6bn in cash. Following the conclusion of the Transaction, the total capital ratio of Piraeus Financial Holdings is expected to be circa 19% at end-2025, translating into a Pillar 2 Guidance buffer of circa 300bps.
The integration of Ethniki Insurance into the Piraeus Group is expected to further diversify the Group’s revenue sources, while complementing its product range, covering the whole spectrum of banking, protection and investment solutions.
Ethniki Insurance is one of Greece’s leading insurance companies, and the oldest insurance company in the country. It services 1.8mn active customers, offering all types of insurance products with a 14.6% market share (18.3% in life / 11.3% in non-life) and €850mn Gross Written Premiums (“GWP”), as of 2024.
Ethniki Insurance has €4.1bn total assets and €0.4bn shareholders’ equity. In 2024, it reported a profit before tax of €14.8mn, while based on its unaudited financial data for the 10-month period of 2025, profit before tax exceeded €30mn. Its capital position is strong, with a Solvency II ratio (SCR) of 188% in 2024, well above regulatory requirements.
In the first quarter of 2026, Piraeus will present its medium-term ambition for the expanded Group to the investment community, targeting focused growth and enhanced value creation for our shareholders, customers and people.
Christos Megalou, Piraeus Group’s Chief Executive Officer, stated:
“The acquisition of Ethniki Insurance is a defining moment for Piraeus Group and underscores our commitment to revenue diversification and strategic growth. By joining forces with Ethniki Insurance, we are broadening our capabilities across protection and investment solutions and unlocking new opportunities to deliver value to our customers and shareholders. Together, we are setting a new benchmark for the Greek economy, positioning Piraeus Group as a leader in integrated financial services and paving the way for sustainable, long-term returns.”
Dimitris Mazarakis, CEO of Ethniki Insurance, commented on the Transaction:
“The acquisition by Piraeus Bank marks an exciting new era for Ethniki Insurance. By joining forces with a leading financial group, we are unlocking new opportunities for growth and the ability to create even greater value for all our stakeholders. Together, we are building a strong, reliable, and innovative ecosystem that will further reinforce Ethniki Insurance’s role as a vital and trusted partner for our customers and generate long-term value for our shareholder.”
Advisors to Piraeus on the Transaction were UBS Europe SE (financial advisor), Milliman (actuarial advisor) and Milbank LLP, as well as Moratis Passas and Potamitis Vekris (law firms).

Piraeus agrees to enter into exclusive discussions with CVC regarding the acquisition of Ethniki Insurance

Further to the announcement on 03 February 2025, Piraeus Financial Holdings (hereinafter “Piraeus”) informs the investment community that it has agreed to enter into exclusive discussions with CVC Capital Partners’ Fund VII (“CVC”) regarding the potential acquisition by Piraeus of a 70% stake in Ethniki Insurance for €469mn (the “Potential Transaction”).
Post the completion of the Potential Transaction, Piraeus expects to diversify and further strengthen its revenue pool and to deliver significant value uplift to its shareholders.
Based on the above, the proforma impact on Piraeus’ capital position is estimated at approximately 150bps as at September 2024. This impact translates into a capital ratio with a comfortable Pillar 2 Guidance buffer of more than 200bps. Piraeus intends to pursue the potential adoption of the Danish Compromise in relation to the prudential treatment of its possible participation in the share capital of Ethniki Insurance, which, if attained, would reduce the capital effect of the Potential Transaction to below 100bps.
Ethniki Insurance is the #1 composite insurer in Greece, covering the whole spectrum of insurance products with a c.14% market share (c.17% in life / c.11% in non-life) and €0.8bn Gross Written Premiums, as of 2023. Ethniki Insurance has €4bn total assets and €0.4bn shareholders’ equity, as of 2023. Ethniki Insurance reported a profit before tax adjusted for non-recurring items of approximately €100mn in 2023.
Ethniki Insurance’s production network extends throughout Greece and consists of c.130 Sales Network Offices with more than 1.6k Corporate Network Insurance Agents, 1.1k Collaborating Insurance Agencies and c.135 Collaborating Insurance Brokers, supported by a network of 6 branches, as of 2023.
Piraeus is being advised on the Potential Transaction by UBS Europe SE as exclusive financial advisor, Milliman as actuarial advisor, and by Milbank LLP, as well as Moratis Passas Law Firm, as international and local legal counsels, respectively.
Piraeus will promptly inform the investment community in accordance with the applicable provisions should an additional reportable event arise.

NBG reaches an agreement with CVC Capital Partners’ Fund VII regarding Ethniki Insurance

National Bank of Greece (“NBG”) announces that it has entered into a definitive agreement for the divestment of 90.01% of Ethniki Insurance (“Ethniki”) to CVC Capital Partners’ Fund VII.
The equivalent nominal consideration corresponding to 100% of Ethniki would be €505m, including an “earn-out” payment of up to €120mn, which will be subject to meeting agreed upon performance targets for the bancassurance channel of NBG by 2026. The transaction includes a 15-year Bancassurance partnership.
The transaction is capital accretive for NBG (c. 60 bps in the Total Capital Ratio as of 31.12.2020). The closing is subject to standard conditions precedent, the approval by the antitrust and regulatory authorities and the approval of an Extraordinary General Meeting of NBG shareholders. The consent of the Hellenic Financial Stability Fund was granted, as stipulated in the Relationship Framework Agreement.
The successful completion of this transaction will allow NBG to fulfill the commitment made under the Restructuring Plan agreed between the Hellenic Republic and the EC following the receipt of State Aid by NBG in 2012.
CVC Capital Partners (“CVC”) is a private equity and investment advisory firm with offices throughout Europe, Asia and the US. Funds managed or advised by CVC (“CVC Funds”) are invested in over 90 companies worldwide, employing more than 450,000 people. CVC Funds have significant experience of investing in insurance and also have extensive experience in Greece, having invested more than €750m since 2017.
Morgan Stanley & Co. International plc and Goldman Sachs Bank Europe SE acted as financial advisors to NBG, Freshfields Bruckhaus Deringer LLP and Karatzas & Partners as international and local external legal counsels and EY as actuarial and accounting advisor. In addition, the BoD of NBG received an independent valuation opinion from UBS Europe SE regarding the fairness of the transaction and legal advice from Skadden Arps Slate Meagher & Flom and Greek law professors.