Global insurer Allianz has entered into a share purchase agreement to acquire 72% of Greece-based European Reliance.
The Greek provider offers life, health, motor and general insurance services and has 110 retail offices and 5,667 agents.
Under the agreement, Allianz will pay €7.80 per share for a total of €207m (£174m, $236m).
Following approvals from the Bank of Greece, the Hellenic Competition Commission, and the Hellenic Capital Market Commission, the global insurer intends to combine European Reliance with its Greek subsidiary Allianz Hellas.
This would make the combined group Greece’s first for property and casualty insurance and fifth for life and health, the firm said.
At completion, European Reliance chief executive Christos Georgakopoulos will become chief executive of the combined company.
Sergio Balbinot, member of the board of management of Allianz, said: “This is an exciting opportunity for Allianz to elevate its position in the attractive Greek insurance market with an ideal entity such as European Reliance.
“I look forward to welcoming European Reliance’s employees to the Allianz Group after all the regulatory clearances are granted. Together, we will have deep sector knowledge and be well-placed for success.”