Commercial General Insurance disposes its Greek subsidiary

16 Sep, 2008

Commercial General Insurance Ltd has reached an agreement with the Greek insurance company EFG Eurolife General Insurance SA for the disposal to the latter of its wholly owned subsidiary in Greece, Activa Insurance SA.

The agreement will be completed upon securing the necessary approvals by the competent regulatory authorities. EFG Eurolife is a subsidiary company of the Eurobank EFG group, the second largest banking group in Greece.

Following the signing of the agreement, the Chairman of the Board of Directors, Mr Andreas Artemis stated –

«Our decision to dispose of Activa provides us with the opportunity to realise the value that we have created within this company during the last six years since its acquisition in 2002. During this period, Activa has evolved into a company producing excellent financial results and has established itself in the Greek insurance market as an insurer known for its professionalism and high service standards. Its latest achievement was the rating of BBB+ secured by Fitch, the highest by far that has ever been granted to a Greek insurance company. This strategic decision is expected to enhance further the financial strength of Commercial General Insurance and will create new opportunities and prospects for the dynamic growth of our business».

The Group Managing Director, Mr Constantinos Dekatris stated –

«The conclusion of this agreement demonstrates the achievements of Activa during the last few years. Furthermore its timing confirms the correctness of our strategy to add value to our shareholders’ investment and to provide the best service to our customers».