Allianz SE (XTRA:ALV) signed an agreement to acquire a 36.7% stake in European Reliance General Insurance Company S.A. (ATSE:EUPIC) for €76 million on February 11, 2022. Under the agreement, Allianz SE will acquire 9.742304 million shares at €7.8 per share. In related transactions, Allianz SE signed an agreement to acquire 4.125552 million shares representing 15.54% stake in European Reliance General Insurance Company S.A. from European Bank for Reconstruction and Development for €32.2 million and an agreement to acquire 5.3134 million shares representing 20.02% stake in European Reliance General Insurance Company S.A. from Christos Georgakopoulos, Chief Executive Officer and other shareholders including executives of European Reliance General Insurance Company S.A. for €41.4 million on February 11, 2022. In total, as a part of all three agreements, Allianz SE will acquire 19.181256 million shares representing 72.26% stake in European Reliance General Insurance Company S.A. at a price of €7.8 per Share. Allianz SE will also launch a offer to acquire remaining 27.8% stake in European Reliance General Insurance Company S.A. at a price of €7.8 per Share. The transaction will results as the integration of European Reliance General Insurance Company S.A. activities with those of the Allianz Group's subsidiary in Greece with Christos Georgakopoulos as Chief Executive Officer.

The transaction is subject to approvals required by the competent regulatory authorities, the Bank of Greece, the Hellenic Capital Market Commission and the Hellenic Competition Commission. On June 7 2022, Bank of Greece - Private Insurance Supervision Directorate has approved the transaction. Alphacap acts as financial advisor and Zepos & Yannopoulos Law Firm acts as legal advisor to European Reliance General Insurance Company S.A.

Allianz SE (XTRA:ALV) acquired 36.7% stake in European Reliance General Insurance Company S.A. (ATSE:EUPIC) on July 28, 2022.