TORONTO, Oct. 13, 2025 (GLOBE NEWSWIRE) — Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) announces that it has entered into an agreement with Eurobank Ergasias Services and Holdings SA (“Eurobank”) to Eurobank or its affiliate will acquire from certain subsidiaries of Fairfax Financial Holdings Limited (collectively “Fairfax”) Fairfax's 80% equity interest in the life insurance business operated by Eurolife FFH Insurance Group Holdings SA (“Eurolife”) for a cash consideration of EUR 813 million.
Following the transaction, Eurolife's life insurance business will be wholly owned by Eurobank, while Fairfax will retain its 80% stake in the property and casualty insurance business operated by Eurolife. As part of the proposed transaction, Fairfax will acquire from Eurobank a 45% stake 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 will have the option to acquire the remaining 55% interest in ERBA over time. The proposed transactions are subject to customary closing conditions and are expected to close in the first quarter of 2026.
Prem Watsa, Chairman and CEO of Fairfax, commented: “We are very pleased to be able to maintain the focus of our insurance business on property and casualty insurance and reinsurance, while benefiting from the continued success of Eurolife's life insurance business through our stake in Eurobank. Eurolife's life insurance business has achieved incredible success under the leadership of Alexandros Sarrigeorgiou and we expect him to continue to perform very well under the leadership of Alexandros Sarrigeorgiou. ownership of Eurobank and its director Phokion Karavias.”
Following the closing of the transaction, Alexandros Sarrigeorgiou will serve as Executive Chairman of the Board of Directors of Eurolife's general insurance business, and Vassilis Nikiforakis, Eurolife's current CFO, will assume the position of Managing Director and Chief Executive Officer of Eurolife's general insurance business, supporting the sustainable growth of the business and further strengthening its presence Fairfax in the Greek Insurance Industry.
Fairfax is a holding company that, through its subsidiaries, is primarily engaged in the business of property and casualty insurance and reinsurance and related investment management.
| For more information contact: | John Varnell, Vice President of Corporate Development by phone (416) 367-4941 |
