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Allianz launches $235 million bid for Greece’s European Reliance -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Allianz SE logo is visible on the Puteaux company building, in the financial district of La Defense, near Paris. This photo was taken May 14, 2018, by Charles Platiau. REUTERS/Charles Platiau/File Photo

FRANKFURT, Reuters – Allianz(DE:) announced Friday that it would pay approximately 207 million euros (about $235 million) for the acquisition of European Reliance in Greece. This will make Allianz the fifth-largest insurance company in Germany based upon gross written premiums.

Allianz announced that Friday’s close price of 7.80 Euros per share was 15.7% higher than Friday’s.

Sergio Balbinot, Allianz’s management board member said that this was an opportunity for Allianz “to elevate its position on the attractive Greek market insurance with an ideal entity like European Reliance.”

European Reliance, which is the insurer’s Greek arm, will become part of the deal. Allianz announced that Christos Georgakopoulos CEO of European Reliance will be the leader of the newly merged entity.

($1 = 0.8814 euros)

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