The ERGO Group, one of the leading companies of global insurance market, successfully completed the acquisition of 100 percent of the shares of the Greek company ATE Insurance, a subsidiary of Piraeus Bank since 1980, for 90 million EUR. The transaction makes ERGO the largest property-casualty insurer in the Greek market. 

Despite the challenging economic situation in Greece, ERGO has shown its belief in the Greek insurance market with this investment and further strenghtened its position in the market, becoming the leading insurance force in non-life segment in Greece, as well as its sales network within the local market.  

Finalized on 1 August 2016, the acquisition is a reflection of ERGO’s international growth strategy.  

Theo Kokkalas, CEO of ERGO Greece and ERGO Turkey, gave a statement regarding the acquisition and said: “The investment in ATE Insurance does not only reflect the belief in the future of Greek insurance market, but also ERGO’s succesfull performance of over 25 years in Greece.”