Paris-based insurer AXA said it has entered into an agreementwith Athens, Greece-based Alpha Bank to acquire its insurancesubsidiary Alpha Insurance for Euro 255 million (U.S. $319million.)
AXA and Alpha Bank, Greece's second largest bank, said they havesigned a long-term exclusive agreement to pursue and strengthen theexisting relationship that would allow AXA to continue sellinginsurance through Alpha bank offices.
AXA said Alpha Insurance is one of the top ten compositeinsurers in the Greek market with solid positions on profitablesegments. Its distribution network is tied through 700 directagents and the 380 branches of Alpha Bank. Alpha Insurance recordedrevenues of Euro 151 million ($189 million) in 2005.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
