Πέμπτη 24 Δεκεμβρίου 2015

Fairfax has entered into an agreement to acquire an 80% interest in Eurolife ERB Insurance Group Holdings S.A.

Athens, December 22nd 2015

Today a new era begins for the Eurolife ERB Insurance Group.

Fairfax Financial Holdings Limited has signed an agreement with which it will acquire 80% of the shares as well as management control of the Eurolife ERB Insurance Group, subject to closing conditions and regulatory approvals. Eurobank retains 20% of the shares and will continue the exclusive bancassurance cooperation with our companies for many years to come.

Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is engaged in insurance, reinsurance and investment management. Fairfax’s corporate objective is to achieve a high rate of return on invested capital and build long-term shareholder value. Fairfax seeks to differentiate itself by combining disciplined underwriting with the investment of its assets on a total return basis, which Fairfax believes provides above-average returns over the long-term.

Fairfax was founded in 1985 by the present Chairman and Chief Executive Officer, V. Prem Watsa. The company has been under present management since 1985 and is headquartered in Toronto, Canada. Its common shares are listed on the Toronto Stock Exchange (FFH).

This development for the Eurolife ERB Insurance Group has multiple significance:

Primarily, it confirms that in a short time span, approximately a decade, Eurolife ERB evolved to the extent that today it is included in the top three insurance companies in profit and volume, and as a result a leading investment Group actively showed its confidence.

Secondly, it proves that the Eurolife ERB Group it is an exemplar of reliability for its customers and an exemplar of trust from them. In the case of our Group, the interests of investors and clients coincide: They claim from the company they have chosen to be trustworthy, reliable and effective.

Today, it is not only the hard facts that indicate that our powerful capital structure, the continuous increase of our turnover and our credibility, classify Eurolife ERB Insurance Group within the leaders of the Greek insurance market. It is also the Group's 331 employees in Greece and Romania who work seamlessly daily to make practice our mission “To operate responsibly, and at all times be in position to directly fulfill the commitments we have made to our insured”.

With the Fairfax support, the Eurolife ERB Group is expected to enhance the competitiveness and future development in the interests of its customers, employees and partners.
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