Bernitsas Law is pleased to announce its role as legal advisor to the majority shareholders of Ydrogios Insurance in their entry into an agreement for the sale of 80% of their share capital with the Italian Reale Group.
The agreement sets out the terms upon which Ydrogios' shares will be sold to the parent company of Reale Group, Reale Mutua di Assicurazioni, in two stages, with 70% of the shares to be transferred by the end of 2023 and the remaining 10% by the end of 2026. The structuring of the transaction involved a number of challenges in terms of navigating the complexity of the insurance sector, regulatory compliance and ensuring that both parties’ goals in entering the agreement were successfully met.
Ydrogios Insurance is a leading Greek non-life insurance company and one of the largest general insurance companies in Greece. The company serves over 400,000 policyholders and operates through a network of 2,000 independent insurance intermediaries.
Società Reale Mutua di Assicurazioni is a leading Italian mutual insurance company. It is the parent company of the Reale Group, an international group with over 4,000 employees and more than 4.8 million customers in banking, insurance and services.
This deal marks an important milestone for both companies and underscores their commitment to participating actively in the strategic growth and expansion of the Greek insurance industry.
Partners Lambros Belessis and Evi Kitsou and Senior Associate Anastasia Kaiara advised on this transaction.
