In a move that will allow it to enter the Greek market, French insurer Axa has entered into an agreement with Alpha Bank, Greece's second largest lender, to acquire its insurance subsidiary Alpha Insurance for E255 million.
Alpha Insurance, which recorded revenues of E151 million in 2005, will be integrated to Axa’s Mediterranean Region platform upon completion of the acquisition, which is subject to regulatory approvals in Greece.
Alpha Insurance is one of the top ten composite insurers on the Greek market with solid positions on profitable segments. It has a strong distribution network, notably through its 700 tied agents and the 380 branches of Alpha Bank.
The acquisition of Alpha Insurance is an excellent opportunity to enter the Greek market, which offers very attractive growth prospects. By combining Axa’s insurance expertise with Alpha Bank’s distribution capability, we are confident of ensuring the future success and development of the Alpha Insurance business in Greece, said Jean-Raymond Abat, head of Axa’s Mediterranean Region.