Piraeus is considering adopting the Danish Compromise for the prudential treatment of its potential share in Ethniki Insurance. Credit: Tony_Papageorge/Shutterstock.

Greece’s Piraeus Financial Holdings has agreed to enter “exclusive discussions” with CVC Capital Partners’ Fund VII (CVC) to potentially acquire a 70% share in Greek company Ethniki Insurance.  

This transaction is valued at €469m and is expected to diversify Piraeus’ revenue streams.  

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The proforma impact on Piraeus’ capital position is estimated at nearly 150 basis points (bps) as of September 2024, with a Pillar 2 Guidance buffer of more than 200bps. 

Ethniki Insurance, a composite insurer in Greece, has a market share of around 14%. It reported adjusted pre-tax profit for non-recurring items of around €100m and gross written premiums of €800m in 2023.  

As of 2023, the insurer’s assets totalled €4bn and shareholders’ equity was €400m.  

The company’s network includes nearly 130 sales network offices and more than 1,600 corporate network insurance agents, supported by a network of six branches. 

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Piraeus is considering the adoption of the Danish Compromise for the prudential treatment of its potential share in Ethniki Insurance.  

If finalised, this would reduce the capital impact of the acquisition to below 100bps.  

Piraeus received financial advice from UBS Europe, with Milliman providing actuarial advice.  

Legal counsel is being provided by Milbank and Moratis Passas Law Firm for international and local legal matters, respectively. 

CVC Capital acquired a 90% stake in Ethniki Insurance from National Bank of Greece.

Piraeus CEO Christos Megalou informed journalists that the bank “is in discussions to buy National Insurance”, further noting that if an agreement is finalised, it will enable the group to boost its fee revenues to 30%, up from the current 20%, reported Reuters.