Fairfax sells interest in Eurolife life insurance operations to Eurobank
Fairfax Financial Holdings has entered into a term sheet with Eurobank Ergasias Services and Holdings to sell its 80% equity interest in Eurolife’s life insurance business for €813 million.
Following the transaction, Eurolife’s life insurance business will be wholly-owned by Eurobank, while Fairfax will maintain its 80% equity interest in the property and casualty insurance business operated by Eurolife. As part of the proposed transaction, Fairfax will acquire from Eurobank a 45% equity interest in ERB Asfalistiki, the company through which Eurobank’s property and casualty insurance business are operated in Cyprus, for cash consideration of €59 million. Fairfax will have the right to acquire the remaining 55% equity interest in ERBA over time. The proposed transactions are subject to customary closing conditions and are expected to close in the first quarter of 2026.
Eurolife is the “leading” life insurer in Greece, holding a market share of ~21% (by GWP FY24). For 2025, the company is projected to achieve gross written premiums of ~€600 million. The company has a bancassurance partnership with Eurobank.
Upon the closing of the transaction, Alexandros Sarrigeorgiou will assume the position of Executive Chairman of the Board of Directors of Eurolife’s general insurance business, and Vassilis Nikiforakis, the current Chief Financial Officer of Eurolife, will assume the position of Managing Director and Chief Executive Officer of Eurolife’s general insurance business, leading the sustainable growth of this business and further solidifying Fairfax’s presence in the Greek insurance industry.
“We are very pleased to be able to maintain the focus of our insurance operations on property and casualty insurance and reinsurance, while still benefitting from the continued success of the Eurolife life insurance business through our ownership stake in Eurobank. Eurolife’s life insurance business has done incredibly well under the leadership of Alexandros Sarrigeorgiou, and we expect that it will continue to perform very well under the ownership of Eurobank and its leader, Fokion Karavias.” – Prem Watsa, Chairman and Chief Executive Officer of Fairfax.
