By Maitane Sardon
Fairfax Financial said it agreed to sell its 80% stake in the insurance business of Eurolife FFH Insurance Group to Eurobank Ergasias for 813 million euros ($944.7 million) in cash.
As part of the deal, Fairfax will buy a 45% stake in ERB Asfalistiki--Eurobank's Cyprus-based property and casualty insurance business--for 59 million euros in cash, the Canadian insurance company said Monday. It will have the right to acquire the remaining 55% equity interest in ERBA over time, it said.
Following the transaction, Fairfax will keep its 80% stake in Eurolife's property and casualty insurance business, while Eurobank will fully own Eurolife's life insurance operations.
"We are very pleased to be able to maintain the focus of our insurance operations on property and casualty insurance and reinsurance, while still benefiting from the continued success of the Eurolife life insurance business through our ownership stake in Eurobank," Fairfax Chief executive Officer Prem Watsa said.
The deal is expected to close in the first quarter of 2026, Fairfax said.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
October 13, 2025 02:59 ET (06:59 GMT)
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