Allianz and Ergo in talks for the acquisition of ATE Insurance

Allianz SE and Ergo (insurance division of Munich Re) would be in talks with Piraeus Bank for the acquisition of its subsidiary, ATE Insurance (Agrotiki Insurance).

The price of Greek insurer would be estimated between 81.3 and 108.5 million USD. Its cession would be the consequence of arecapitalization requirement imposed on Greek banks by their central bank.

As a reminder, ATE has recorded an increasing turnover by 49.3% at 53.6 million USD in 2013.

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