EXIN Buys 75% Stake in Ethniki Insurance from National Bank of Greece for $819M

June 30, 2017

EXIN Financial Services Holding B.V. has purchased a 75 percent stake in insurer Ethniki Hellenic General Insurance S.A. from the National Bank of Greece (NBG) for €718 million (US$819.2 million).

Amsterdam-based EXIN said NBG will retain a 25 percent 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 products.

Ethniki Insurance is the largest and oldest insurance company in Greece. “The deal and partnership demonstrates EXIN’s commitment to developing opportunities in the region following its purchase of a 50 percent stake in AIG Greece in December 2016,” the company said in a statement.

On completion, EXIN’s portfolio companies will generate approximately €1 billion in premiums annually from the Greek insurance market.

“These two businesses will thrive with our long-term commitment to build in Greece and within the region” said Pavlos Canellopoulos, vice chairman of N. Canellopoulos and C. Adamantiadis S.A. Holdings, more commonly known as C&A. (Canellopoulos is a Greek businessmen and one of the founders of EXIN.)

“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 our broker and agent partners, as well as policyholders,” EXIN said in a statement.

The company noted that 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.

“We are excited at the opportunity to work with our Ethniki Insurance colleagues to further grow the excellent foundation our partners at NBG have so ably built. Marrying the timeless values of Ethniki Insurance to our technological expertise will help deliver an exceptional customer experience for years to come,” said Matt Fairfield, co-founder and CEO of EXIN.

“The Ethniki Insurance deal reinforces our commitment to the Southern European financial services market as part of our Pan-European strategy. EXIN has the expertise to lead a renaissance for the industry across the region,” said John Koudounis, co-founder of EXIN.

“I have been looking for opportunities to invest in Greece for quite some time. We are delighted our search has culminated in such an excellent fit for our long-term strategy,” commented John Calamos, another EXIN founder.

UBS Limited is acting as the financial adviser of EXIN for the transaction, while PriceWaterhouseCoopers is providing transaction services and Norton Rose Fulbright is acting as EXIN’s legal counsel. LXM Group and SAP Legal are acting as local advisers to EXIN.

About EXIN Group and Matt Fairfield

Matt Fairfield founded EXIN Group earlier this year with the backing of investor EXIN Partners and asset manager Calamos Investments. EXIN Group is targeting the reinsurance, wholesale, retail and life insurance, and asset management markets with start-up businesses and acquisitions, beginning in Europe. Its first deal was the purchase in December 2016 of AIG’s shares in AIG Greece.

Prior to his current role, Fairfield established ANV Holdings BV in 2011. Over the next four years, he led the acquisition and revamp of three Lloyd’s of London syndicates, building an insurance and reinsurance business with annual gross managed premiums of $1 billion, according to his profile on the EXIN website. During his career, he also co-founded MAG Global, a directors and officers (D&O) and financial lines specialist. He sold the business to HCC in 2003 and remained with HCC until 2011. He also founded and managed UAP Executive Partners, later renamed AXA Global Risk D&O. He began his insurance career as an underwriter at AIG.

Source: EXIN Group

Topics Mergers & Acquisitions Europe

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