Acquisition of a 75% stake in insurer Ethniki Hellenic General Insurance S.A.
We have acted as local legal counsel of EXIN Financial Services Holding B.V. (“EXIN”) in relation to the acquisition of a 75% stake in insurer Ethniki Hellenic General Insurance S.A. More particularly, Exin has entered into a long-term partnership with National Bank of Greece ("NBG"), with the agreed purchase of a 75% stake in insurer Ethniki Hellenic General Insurance S.A. ("Ethniki Insurance") for €718 million giving an implied enterprise value of €958 million (the “Transaction”), subject to customary approvals. NBG will retain a 25% stake in Ethniki Insurance, which remains NBG's exclusive bancassurance provider under a new 10-year partnership agreement for life, savings and non-life insurance product. EXIN and NBG share a common ambition to develop Ethniki Insurance with a substantial upgrade of core systems and processes to better serve customers, especially broker and agent partners, as well as policyholders. EXIN will contribute distribution, technical, underwriting and digital expertise to the partnership including EXIN's ‘Intelligent Data’, a proprietary application and algorithm-based predictive behaviour technology.