Piraeus agrees to enter into exclusive discussions with CVC regarding the acquisition of Ethniki Insurance
Piraeus Financial Holdings has entered exclusive discussions with CVC Capital Partners' Fund VII to acquire a 70% stake in Ethniki Insurance for €469mn. The acquisition is expected to diversify and strengthen Piraeus' revenue pool while delivering significant value to shareholders.
The proforma impact on Piraeus' capital position is estimated at approximately 150bps as of September 2024, maintaining a comfortable Pillar 2 Guidance buffer exceeding 200bps. Piraeus plans to pursue the Danish Compromise, which could reduce the capital effect to below 100bps.
Ethniki Insurance is Greece's leading composite insurer with a 14% market share, €0.8bn in Gross Written Premiums, €4bn total assets, and €0.4bn shareholders' equity as of 2023. The company reported adjusted profit before tax of approximately €100mn in 2023. Its network includes 130 Sales Network Offices with over 1.6k Corporate Network Insurance Agents and extensive collaboration with insurance agencies and brokers.
Piraeus Financial Holdings ha avviato discussioni esclusive con il Fondo VII di CVC Capital Partners per acquisire una partecipazione del 70% in Ethniki Insurance per 469 milioni di euro. Si prevede che l'acquisizione diversifichi e rafforzi il pool di entrate di Piraeus, offrendo al contempo un valore significativo agli azionisti.
L'impatto proforma sulla posizione patrimoniale di Piraeus è stimato a circa 150 punti base a settembre 2024, mantenendo un margine di sicurezza sul Pillar 2 Guidance superiore a 200 punti base. Piraeus prevede di perseguire il Compromesso Danese, che potrebbe ridurre l'effetto patrimoniale a meno di 100 punti base.
Ethniki Insurance è l'assicuratore composito leader in Grecia con una quota di mercato del 14%, premi lordi scritti di 0,8 miliardi di euro, un totale di attivi di 4 miliardi di euro e un patrimonio netto di 0,4 miliardi di euro nel 2023. L'azienda ha riportato un utile rettificato prima delle imposte di circa 100 milioni di euro nel 2023. La sua rete comprende 130 uffici di rete vendita con oltre 1.600 agenti di assicurazione corporate e una vasta collaborazione con agenzie di assicurazione e broker.
Piraeus Financial Holdings ha entrado en conversaciones exclusivas con el Fondo VII de CVC Capital Partners para adquirir una participación del 70% en Ethniki Insurance por 469 millones de euros. Se espera que la adquisición diversifique y fortalezca el flujo de ingresos de Piraeus y, al mismo tiempo, aporte un valor significativo a los accionistas.
Se estima que el impacto proforma en la posición de capital de Piraeus será de aproximadamente 150 puntos básicos a partir de septiembre de 2024, manteniendo un margen cómodo de reserva del Pilar 2 que supera los 200 puntos básicos. Piraeus planea perseguir el Compromiso Danés, lo que podría reducir el efecto sobre el capital a menos de 100 puntos básicos.
Ethniki Insurance es el principal asegurador compuesto de Grecia, con una cuota de mercado del 14%, 0,8 mil millones de euros en primas brutas suscritas, 4 mil millones de euros en activos totales y 0,4 mil millones de euros en patrimonio neto a partir de 2023. La empresa reportó un beneficio ajustado antes de impuestos de aproximadamente 100 millones de euros en 2023. Su red incluye 130 oficinas de ventas con más de 1,6 mil agentes de seguros corporativos y una extensa colaboración con agencias y corredores de seguros.
피레우스 파이낸셜 홀딩스는 CVC 캐피탈 파트너스 펀드 VII와 독점 협상을 시작하여 에스니키 보험의 70% 지분을 4억 6900만 유로에 인수할 계획입니다. 이번 인수는 피레우스의 수익원을 다양화하고 강화하는 동시에 주주들에게 상당한 가치를 제공할 것으로 예상됩니다.
2024년 9월 기준으로 피레우스의 자본 상태에 대한 proforma 영향은 약 150bp로 예상되며, 200bp를 초과하는 편안한 Pillar 2 Guidance 버퍼를 유지하게 됩니다. 피레우스는 덴마크 타협을 추진할 계획이며, 이는 자본 효과를 100bp 이하로 줄일 수 있습니다.
에스니키 보험은 2023년 기준으로 14%의 시장 점유율, 8억 유로의 총 인수보험료, 40억 유로의 총 자산, 4억 유로의 주주 지분을 보유한 그리스의 대표적인 복합 보험사입니다. 이 회사는 2023년에 약 1억 유로의 조정 세전 이익을 보고했습니다. 그들의 네트워크에는 130개의 영업망 사무소와 1,600명 이상의 기업 보험 대리인이 포함되며, 보험 대행사 및 중개인과의 광범위한 협력 관계가 있습니다.
Piraeus Financial Holdings a engagé des discussions exclusives avec le Fonds VII de CVC Capital Partners pour acquérir une participation de 70 % dans Ethniki Insurance pour 469 millions d'euros. L'acquisition devrait diversifier et renforcer le pool de revenus de Piraeus tout en apportant une valeur significative aux actionnaires.
L'impact proforma sur la position de capital de Piraeus est estimé à environ 150 points de base d'ici septembre 2024, maintenant un coussin de guidance de Pilier 2 supérieur à 200 points de base. Piraeus envisage de poursuivre le Compromis Danois, ce qui pourrait réduire l'effet sur le capital en dessous de 100 points de base.
Ethniki Insurance est le principal assureur composite en Grèce, avec une part de marché de 14 %, 0,8 milliard d'euros de primes brutes souscrites, 4 milliards d'euros d'actifs totaux et 0,4 milliard d'euros de fonds propres en 2023. L'entreprise a enregistré un bénéfice ajusté avant impôts d'environ 100 millions d'euros en 2023. Son réseau comprend 130 bureaux de vente avec plus de 1 600 agents d'assurance corporate et une collaboration étendue avec des agences d'assurance et des courtiers.
Piraeus Financial Holdings hat exklusive Verhandlungen mit dem Fonds VII von CVC Capital Partners aufgenommen, um eine Beteiligung von 70 % an Ethniki Insurance für 469 Millionen Euro zu erwerben. Der Erwerb wird voraussichtlich Piraeus' Einnahmequellen diversifizieren und stärken und gleichzeitig den Aktionären einen erheblichen Wert bieten.
Der proforma Einfluss auf die Kapitalposition von Piraeus wird auf etwa 150 Basispunkte bis September 2024 geschätzt und hält einen bequemen Puffer für die Säule 2 Guidance von über 200 Basispunkten aufrecht. Piraeus plant, den dänischen Kompromiss zu verfolgen, der die Kapitalwirkung unter 100 Basispunkte reduzieren könnte.
Ethniki Insurance ist der führende Composite-Versicherer in Griechenland mit einem Marktanteil von 14 %, 0,8 Milliarden Euro an Brutto-Prämien, 4 Milliarden Euro an Gesamtvermögen und 0,4 Milliarden Euro an Eigenkapital im Jahr 2023. Das Unternehmen meldete im Jahr 2023 einen bereinigten Gewinn vor Steuern von etwa 100 Millionen Euro. Sein Netzwerk umfasst 130 Verkaufsbüros mit über 1.600 Agenten für Unternehmensversicherungen sowie umfassende Kooperationen mit Versicherungsagenturen und -maklern.
- Acquisition of 70% stake in Greece's #1 insurer for €469mn
- Target company reports €100mn adjusted profit before tax (2023)
- Expected revenue diversification and value uplift for shareholders
- Strong market position with 14% market share in Greece
- Extensive distribution network with 130+ sales offices
- Significant capital impact of 150bps on Piraeus' position
- Regulatory approval pending for Danish Compromise implementation
- Transaction subject to regulatory approvals and completion risks
(Athens Stock Exchange: TPEIR) (OTCQX: BPIRY) (OTCQX: BPIRF)
Post the completion of the Potential Transaction, Piraeus expects to diversify and further strengthen its revenue pool and to deliver significant value uplift to its shareholders.
Based on the above, the proforma impact on Piraeus' capital position is estimated at approximately 150bps as at September 2024. This impact translates into a capital ratio with a comfortable Pillar 2 Guidance buffer of more than 200bps. Piraeus intends to pursue the potential adoption of the Danish Compromise in relation to the prudential treatment of its possible participation in the share capital of Ethniki Insurance, which, if attained, would reduce the capital effect of the Potential Transaction to below 100bps.
Ethniki Insurance is the #1 composite insurer in
Ethniki Insurance's production network extends throughout
Piraeus is being advised on the Potential Transaction by UBS Europe SE as exclusive financial advisor, Milliman as actuarial advisor, and by Milbank LLP, as well as Moratis Passas Law Firm, as international and local legal counsels, respectively.
Piraeus will promptly inform the investment community in accordance with the applicable provisions should an additional reportable event arise.
Disclaimer
Forward looking statements
This release contains forward-looking statements, including, without limitation, statements regarding the potential benefits of the contemplated transaction, expected synergies and the anticipated capital impact. These forward-looking statements are based on the current expectations of Piraeus and are subject to various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Factors that could cause or contribute to such differences include, but are not limited to, the granting of regulatory approvals, to unforeseen operational challenges or changes in market conditions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, without any obligation by Piraeus to update regarding any future developments. This announcement does not constitute an offer to buy or the solicitation of an offer to sell any securities.
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SOURCE Piraeus Financial Holdings
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