Fairfax Financial Holdings has signed a term sheet with Eurobank Ergasias Services and Holdings S.A. under which Eurobank or one of its affiliates will acquire Fairfax’s 80% stake in the life insurance business of Eurolife FFH Insurance Group Holdings S.A. for a cash consideration of €813 million.
Meanwhile, as part of the proposed transaction, Fairfax will reportedly acquire a 45% equity interest in ERB Asfalistiki (ERBA), the company through which Eurobank operates its property and casualty insurance business in Cyprus, for a cash consideration of €59 million.
Fairfax said it will have the right to acquire the remaining 55% equity interest in ERBA over time.
These proposed transactions are subject to customary closing conditions and are expected to close in the first quarter of 2026.
Prem Watsa, Chairman and Chief Executive Officer of Fairfax, commented, “We are very pleased to be able to maintain the focus of our insurance operations on property and casualty insurance and reinsurance, while still benefitting from the continued success of the Eurolife life insurance business through our ownership stake in Eurobank.
“Eurolife’s life insurance business has done incredibly well under the leadership of Alexandros Sarrigeorgiou, and we expect that it will continue to perform very well under the ownership of Eurobank and its leader, Fokion Karavias.”
Upon the closing of the transaction, Alexandros Sarrigeorgiou will assume the position of Executive Chairman of the Board of Directors of Eurolife’s general insurance business, and Vassilis Nikiforakis, the current Chief Financial Officer of Eurolife, will assume the position of Managing Director and Chief Executive Officer of Eurolife’s general insurance business.
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