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

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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.

Unique Growth Opportunity

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.” 

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

Key Investment in Greece

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.

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.

The Allianz Group is one of the world's leading insurers and asset managers with more than 122 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 706 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2022, over 159,000 employees achieved total revenues of 152.7 billion euros and an operating profit of 14.2 billion euros for the group***.
* Including non-consolidated entities with Allianz customers.
** As of September 30, 2023.
*** As reported – not adjusted to reflect the application of IFRS 9 and IFRS 17.

Press contacts

Holger Klotz
Allianz SE
Kirti Pandey
Allianz SE
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

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