Allianz announces share purchase agreements to acquire 72 percent of European Reliance; Launch of a voluntary tender offer for the European Reliance shares outstanding

Allianz SE today announced it is entering into certain Share Purchase Agreements (“SPAs”) to acquire 72 percent of European Reliance General Insurance Company SA (“European Reliance”), a leading Greek insurer with 223 million euros in gross written premiums (GWP), with a network of 110 retail offices and 5,667 agents. The transaction is the continuation of Allianz Group’s stated strategy to grow its franchise by leveraging its scale and expertise.

Allianz will pay 7.80 euros per share1 or approximately 207 million euros to acquire all the outstanding shares of European Reliance via the SPAs and a combined Voluntary Tender Offer (VTO).

Following the approval by the Bank of Greece, the Hellenic Competition Commission and the Hellenic Capital Market Commission, Allianz intends to publish the approved Information Circular and proceed with the VTO for the shares in European Reliance at the same price. The shareholders can then tender their shares within the VTO acceptance period.

European Reliance, once combined with Allianz Hellas, would become the first in Property-Casualty insurance, the fifth largest insurance company in Greece based on GWP and the fifth largest Life/Health insurer2, empowering the company to pursue further growth in the Greek market and expand through new product offerings, distribution channels and customer pools. Once the transaction is completed, European Reliance’s CEO Christos Georgakopoulos will assume the role of CEO of the combined company.

“This is an exciting opportunity for Allianz to elevate its position in the attractive Greek insurance market with an ideal entity such as European Reliance,” said Sergio Balbinot, Member of the Board of Management of Allianz SE. “I look forward to welcoming European Reliance’s employees to the Allianz Group after all the regulatory clearances are granted. Together, we will have deep sector knowledge and be well-placed for success.” 

The acquisition of European Reliance, the largest independent insurance undertaking in Greece, represents Allianz’s deep commitment to the Greek market. As a subsidiary of a global leader, the combined entity would benefit from Allianz’s proven knowledge and financial strength.


 Independent Valuation Report Allianz commissioned (in Greek only)

1  Announcement of Submission of a Voluntary Tender Offer (in Greek only)

2 Sources: 2020 SFCR Reports and competitor public data. Pro-forma for Generali Group/AXA Insurance and NN Group/MetLife M&A announcements.

Updates to this IR release: 

Disclaimer – No offer 

This press release is not an offer to purchase securities. The offer will be made only pursuant to the offer documentation which will contain the full terms and conditions of the offer. The offer documentation will be subject to review by the Hellenic Capital Market Commission (the “HCMC”) and the offer will only be opened once the HCMC has granted its clearance. Any decision in respect of the offer should be made only on the basis of the information contained in such offer documentation. This press release was prepared for informational purpose only. The diffusion of this press release, the offer and its acceptance may be subject to specific regulations or restrictions in certain countries. The offer is not made for persons subject to such restrictions, neither directly nor indirectly, and may not be accepted in any way from a country where the offer would be subject to such restrictions. Consequently, persons in possession of this press release shall inquire about potential applicable local restrictions and comply with them. Allianz excludes all liability in the event of any breach of the applicable legal restrictions by any person.
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