EXIN Financial Services Holding B.V. has entered into a long-term partnership with National Bank of Greece, with the agreed purchase of a 75% stake in insurer Ethniki Hellenic General Insurance S.A. from the Bank for 718 million euros giving an implied enterprise value of 958 million euros, 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 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% stake in AIG Greece in December 2016. On completion, EXIN’s portfolio companies will generate approximately 1 billion euros in premiums annually from the Greek insurance market.
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 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 pleased to solidify our partnership with NBG. 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.
Fellow Co-Founder John Calamos related, “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.”
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 the legal counsel to and of EXIN, respectively. LXM Group and SAP Legal are acting as local advisors to EXIN.