Allianz SE (XTRA:ALV) made an offer to acquire 27.74% stake in European Reliance General Insurance Company S.A. (ATSE:EUPIC) for €57.5 million on February 11, 2022. Allianz SE will acquire 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, 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 and an agreement to acquire 9.742304 million shares representing 36.7% stake in European Reliance General Insurance Company S.A. for €76 million on February 11, 2022. Post completion of all the transaction, Allianz SE will have 100% stake in European Reliance General Insurance Company S.A. 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. 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) completed the acquisition of a 27.74% stake in European Reliance General Insurance Company S.A. (ATSE:EUPIC) on August 2, 2022. Allianz SE now holds 97.16% stake in European Reliance General Insurance Company S.A.