Euroins Insurance Group (EIG) reached an agreement to acquire the life insurance subsidiary of Credit Agricole in Greece.
The transaction is subject to customary regulatory approvals and is expected to close in the last quarter of 2015.
This acquisition is in line with the expansion strategy of the group to strengthen its dominant position as a regional market player in the region as well as to diversify its portfolio by enlarging its life operations.
Post successful execution of the deal, EIG will have legal entities in 5 countries and is expected to generate revenues in excess of EUR350m.
Euroins Insurance Group is one of the largest independent groups operating in the region. The company has appr. 7% market share in Bulgaria, Romania and Macedonia and employs 1,200 people.
Since 2014 the company has initiated operations in Greece and as part of its expansion strategy this February EIG acquired HDI Bulgaria and Ukraine from the German based Talanx International.
Euroins is a subsidiary of Eurohold – leading company with operations across the Balkans focused on non-banking financial services and asset management.