Nicosia: Eurobank Holdings has signed a term sheet with Fairfax pursuant to which Eurobank shall acquire 80% of the life insurance business (‘Eurolife Life’) for cash consideration of pound 813 million. In addition to the proposed transaction, Fairfax shall procure that certain affiliates of Fairfax will acquire 45% of the share capital of ERB Asfalistiki (‘ERBA’), the non-life (property and casualty) insurance company of Eurobank Limited in Cyprus, for cash consideration of pound 59 million.
According to Cyprus News Agency, the pound 59 million depict a multiple of P/BV of c. 1.45x as at August 31, 2025. Fairfax will have the right to acquire the remaining 55% of the share capital of ERBA over time.
“This strategic partnership allows both companies to combine their strengths in underwriting, risk management, and product development, driving greater operational efficiency and unlocking new market opportunities in Greece and Cyprus. In addition, Fairfax’s investment in ERBA’s share capital represents a strong vote of confidence in ERBA, its shareholder Eurobank Limited and the broader Cypriot economy”, according to Eurobank.