Fairfax to pay $481.6 million for majority stake in Greek insurer Eurolife

TORONTO – Fairfax Financial Holdings Ltd. (TSX:FFH) has an agreement to buy an 80 per cent interest in Greece’s third-largest insurer for the equivalent of C$481.6 million.

The Toronto-based company will pay 316 million euros for the majority stake in Eurolife ERB Insurance Group Holdings SA.

Eurolife distributes its insurance products and services through branches of Eurobank Ergasias SA, its current owner.

Eurolife chief executive Alexander Sarrigeorgiou and his management team are expected to continue their leadership roles.

The transaction is subject to regulatory approvals and other conditions. It’s expected to close by September 2016.

Fairfax is primarily invested in North American property and casualty insurance businesses but has diversified to other regions and industries