Fairfax Sells Interest in Eurolife Life Insurance Operations to Eurobank

Core Viewpoint - Fairfax Financial Holdings Limited has entered into a term sheet with Eurobank for the acquisition of its 80% equity interest in the life insurance business of Eurolife for €813 million, while maintaining its stake in the property and casualty insurance business [1][2]. Group 1: Transaction Details - Eurobank will acquire the 80% equity interest in Eurolife's life insurance business for €813 million [1]. - Fairfax will acquire a 45% equity interest in ERB Asfalistiki (ERBA) from Eurobank for €59 million, with the option to acquire the remaining 55% over time [2]. - The transactions are subject to customary closing conditions and are expected to close in the first quarter of 2026 [2]. Group 2: Management and Future Outlook - Prem Watsa, Chairman and CEO of Fairfax, expressed satisfaction in focusing on property and casualty insurance while benefiting from Eurolife's success under Eurobank [3]. - Alexandros Sarrigeorgiou will become Executive Chairman of the Board of Directors of Eurolife's general insurance business, while Vassilis Nikiforakis will be the Managing Director and CEO [3]. - The leadership changes aim to ensure sustainable growth and solidify Fairfax's presence in the Greek insurance industry [3]. Group 3: Company Overview - Fairfax is primarily engaged in property and casualty insurance and reinsurance, along with associated investment management through its subsidiaries [4].