The European Commission has approved, under the EU Merger Regulation, the acquisition of sole control over Eurolife FFH Insurance Group Holdings S.A. (‘Eurolife’) of Greece by Fairfax Financial Holdings Limited (‘Fairfax’) of Canada. Eurolife, currently jointly controlled by Fairfax and OPG Commercial Holdings S.A. of Luxembourg, is active in life and non-life insurance and reinsurance, and insurance distribution in Greece and Romania. Fairfax is a holding company active in property and casualty insurance and reinsurance, and investment management.
The Commission concluded that the proposed transaction would raise no competition concerns given the minor horizontal and vertical overlaps between the companies' activities and because Fairfax already jointly controls Eurolife. The transaction was examined under the simplified merger review procedure.
- Date de publication
- 21 juin 2021