Fairfax Financial to divest 80% stake in Eurolife’s life insurance business

Core Insights - Fairfax Financial Holdings has signed a term sheet with Eurobank Ergasias Services and Holdings for the acquisition of an 80% stake in Eurolife's life insurance business for €813 million ($944 million) in cash [1] - Post-transaction, Eurobank will fully own Eurolife's life insurance operations, while Fairfax retains an 80% stake in Eurolife's property and casualty (P&C) insurance business [1] - Fairfax will acquire a 45% equity interest in ERB Asfalistiki for €59 million, with an option to purchase the remaining 55% stake in the future [2] - The completion of these transactions is expected in the first quarter of 2026, subject to standard closing conditions [2] - Alexandros Sarrigeorgiou will be appointed as executive chairman of the Board of Directors for Eurolife's general insurance business, with Vassilis Nikiforakis as CEO and managing director [3] - This deal is anticipated to enhance Fairfax's presence in the Greek insurance industry [3] - Fairfax CEO Prem Watsa expressed satisfaction in maintaining focus on P&C insurance while benefiting from Eurolife's life insurance success [4] - The life insurance business of Eurolife has performed well under Sarrigeorgiou's leadership, and continued success is expected under Eurobank's ownership [5]