Allianz, Munich Re’s Ergo said to be in Talks to shop for Greek Insurer Agrotiki

Allianz SE, Europe’s biggest insurer, and Munich Re’s primary insurance unit, Ergo Versicherungsgruppe AG, are in talks to buy Agrotiki insurance from Greece’s Piraeus financial institution SA, stated 3 humans acquainted with the problem.

The rate of Agrotiki, additionally referred to as ATE insurance, is predicted at €60 million [$81.5 million] to €80 million ($108.65 million), according to one of the humans, who asked no longer to be recognized because the talks are non-public.

Piraeus, Greece’s second-largest financial institution by means of property, raised €1.seventy five billion [$2.377 billion] from overseas buyers in March, after a strain take a look at carried out through the united states of america’s imperative bank recognized a capital shortfall of €425 million [$577.2 million].

It additionally bought €500 million [$679 million] of 3-yr bonds on March 18 inside the first public debt sale from a Greek lender considering the fact that 2009. Greece’s valuable bank said in March banks needed to improve their capital with the aid of €6.38 billion [$8.665 billion] following six years of recession and the country’s financial disaster.

The deal may want to near on the cease of this month, Greek newspaper Kathimerini suggested today, without saying how it received the data. ATE coverage’s internet revenue last year was €39.5 million [$53.65 million], up from €26.five million [$36 million] the 12 months earlier than, the paper stated.

Munich-based Allianz agreed to shop for Milano Assicurazioni SpA property from Unipol Gruppo Finanziario SpA for €440 million [$597.6 million] in March.