Fairfax Financial has reached an agreement to sell its 80% stake in the life insurance business of Eurolife FFH Insurance Group to Eurobank Ergasias for 813 million euros ($944.7 million) in cash.
Under the terms of the deal, Fairfax will also acquire a 45% stake in ERB Asfalistiki, Eurobank’s Cyprus-based property and casualty insurance arm, for 59 million euros in cash.
Fairfax will have the option to acquire the remaining 55% of ERB Asfalistiki over time.
After the transaction, Fairfax will retain its 80% stake in Eurolife’s property and casualty insurance business, while Eurobank will take full ownership of the life insurance operations.
“We are pleased to maintain our focus on property and casualty insurance and reinsurance, while still benefiting from the continued success of Eurolife’s life insurance business through our stake in Eurobank,” said Prem Watsa, Chief Executive Officer of Fairfax.
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