Fairfax Financial Holdings has signed an agreement to acquire 80% stake in Eurolife ERB Insurance Group Holdings from Eurobank Ergasias, for around €316m.
Eurolife provides life and non-life insurance products, in addition to brokerage services in Greece and Romania.
It is claimed to be the third largest insurer in Greece, and has around €241m gross written premiums by September this year.
Eurolife and its subsidiaries will continue to operate under the leadership of current CEO Alexander Sarrigeorgiou, even after closing of the deal.
Fairfax chairman and CEO Prem Watsa said: "We are absolutely thrilled to have Eurolife join the Fairfax group.
"Eurolife has an excellent long-term track record in the Greek insurance sector, and we look forward to working with the Eurolife team and our partners at Eurobank to further develop the Eurolife business over the long-term."
Subject to customary closing conditions, the deal is expected to complete in the third quarter of 2016.
In July this year, Fairfax completed the acquisition of Lloyd’s of London specialty insurer and reinsurer Brit, for around $1.88bn.
The acquisition allowed Fairfax to leverage its expertise in the US and international insurance and reinsurance markets, as well as in the expansion of its group risk portfolio.
Through its subsidiaries, Fairfax offers property and casualty insurance and reinsurance and investment management services to its customers.
Image: Eurolife provides life and non-life insurance products, as well as brokerage services in Greece and Romania. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.