Allianz announces share purchase agreements to acquire 72 percent of European Reliance; Launch of a voluntary tender offer for the European Reliance shares outstanding (English[...]

• Combined company to become the #1 Property-Casualty insurer in Greece
• Agreements demonstrate deep commitment to the Greek market and strengthen Allianz's presence there
• Transaction worth 207 million euros

Allianz SE today announced it is entering into certain Share Purchase Agreements ("SPAs") to acquire 72 percent of European Reliance General Insurance Company SA ("European Reliance"), a leading Greek insurer with 223 million euros in gross written premiums (GWP), with a network of 110 retail offices and 5,667 agents. The transaction is the continuation of Allianz Group's stated strategy to grow its franchise by leveraging its scale and expertise.

Allianz will pay 7.80 euros per share¹ or approximately 207 million euros to acquire all the outstanding shares of European Reliance via the SPAs and a combined Voluntary Tender Offer (VTO).

Following the approval by the Bank of Greece, the Hellenic Competition Commission and the Hellenic Capital Market Commission, Allianz intends to publish the approved Information Circular and proceed with the VTO for the shares in European Reliance at the same price. The shareholders can then tender their shares within the VTO acceptance period.

European Reliance, once combined with Allianz Hellas, would become the first in Property-Casualty insurance, the fifth largest insurance company in Greece based on GWP and the fifth largest Life/Health insurer², empowering the company to pursue further growth in the Greek market and expand through new product offerings, distribution channels and customer pools. Once the transaction is completed, European Reliance's CEO Christos Georgakopoulos will assume the role of CEO of the combined company.

"This is an exciting opportunity for Allianz to elevate its position in the attractive Greek insurance market with an ideal entity such as European Reliance," said Sergio Balbinot, Member of the Board of Management of Allianz SE. "I look forward to welcoming European Reliance's employees to the Allianz Group after all the regulatory clearances are granted. Together, we will have deep sector knowledge and be well-placed for success."

¹ Independent Valuation Report Allianz commissioned (in Greek only)

¹Announcement of Submission of a Voluntary Tender Offer (in Greek only)

² Sources: 2020 SFCR Reports and competitor public data. Pro-forma for Generali Group/AXA Insurance and NN Group/MetLife M&A announcements.