Fairfax Financial Holdings struck a deal to exit most of Eurolife’s life insurance unit, signing a term sheet with Eurobank Ergasias Services and Holdings S.A. Eurobank or an affiliate will buy Fairfax’s 80% stake in the Eurolife life business for €813mn in cash.
The transaction would leave Eurobank with full ownership of the life segment.
Fairfax, however, will continue to hold its 80% equity in Eurolife’s property and casualty operations. In parallel, Fairfax plans to acquire a 45% equity interest in ERB Asfalistiki, the Cyprus-based P&C arm of Eurobank, for €59mn in cash.
The agreement also gives Fairfax the option to buy the remaining 55% over time.
The companies expect to close in the first quarter of 2026, pending regulatory approvals and standard conditions.
Fairfax Financial Holdings’ Chairman and CEO Prem Watsa framed the move as sharpening Fairfax’s focus on property and casualty insurance and reinsurance while still benefiting from Eurolife’s life success through Eurobank’s ownership.
We are very pleased to be able to maintain the focus of our insurance operations on property and casualty insurance and reinsurance, while still benefitting from the continued success of the Eurolife life insurance business through our ownership stake in Eurobank.
Prem Watsa, Chairman and Chief Executive Officer of Fairfax
He praised the life unit’s growth under CEO Alexandros Sarrigeorgiou and said it would continue to thrive under Eurobank’s leadership.
- Once the deal closes, Sarrigeorgiou will step into the role of Executive Chairman of Eurolife’s general insurance board.
- Current CFO Vassilis Nikiforakis will become Managing Director and CEO of Eurolife’s general insurance business.
Eurolife’s life insurance business has done incredibly well under the leadership of Alexandros Sarrigeorgiou, and we expect that it will continue to perform very well under the ownership of Eurobank and its leader, Fokion Karavias
The shift reshapes Eurolife’s ownership: Eurobank consolidates its position in life insurance, Fairfax expands its Cyprus footprint, and P&C remains its primary strategic play.
Fairfax Financial Holdings, the Canadian insurer and investment group led by Prem Watsa, has built its reputation on disciplined property and casualty operations combined with opportunistic acquisitions.
Over the past decade it has steadily expanded its footprint in Europe, often through partnerships with local financial institutions.
Eurolife FFH, its joint venture with Eurobank, became one of those long-term plays: a platform split between life and general insurance that grew into a leading Greek insurer under Alexandros Sarrigeorgiou’s stewardship.
The life business has been especially strong, with steady profitability and a growing role in retirement and protection products, while the property and casualty side has given Fairfax exposure to a broader retail base.
Eurobank, one of Greece’s largest lenders, has been reshaping its portfolio after the financial crisis, moving to reinforce its bancassurance model and build deeper ties with customers.
The agreement to buy Fairfax’s majority stake in Eurolife’s life insurance arm fits that strategy: the bank wants full control of the life business to integrate distribution with its branch network and digital channels.
Eurobank maintains its own property and casualty operation in Cyprus through ERB Asfalistiki, which Fairfax is entering through a minority stake, underscoring how the two groups are swapping pieces of the insurance puzzle to align with their strengths.
Fairfax sharpens its focus on property and casualty risk while stepping back from life, but still keeps an indirect economic link through Eurobank’s success.
Eurobank deepens its bancassurance platform by taking over life insurance outright. Eurolife, split between the two, continues with new leadership in place, positioned to benefit from both Eurobank’s banking channels and Fairfax’s underwriting discipline in general insurance.
