Insurance

Sale of Majority Stake in Insurance Sector

We are advising the majority shareholders of an insurance company in the proposed sale of their majority stake in this company to a leading insurance enterprise and advise on complex corporate and regulatory matters.

Advice to AXA Insurance

We advise the AXA affiliate in Greece in relation to corporate matters as well as regulatory issues.

Acquisition of Insurance Portfolio

We advised an insurance company in relation to the potential acquisition of an insurance portfolio of another Greek insurance entity.

AIG Global Restructuring

We advised AIG on the Greek leg of the global restructuring of their insurance business as a result of Brexit, including setting up a new branch of AIG Europe SA (AESA) in Greece, de-registering the old branch of AIG Europe Limited (AEL) and advising on local issues related to the transfer of the insurance business from AEL to AIG UK and the cross border merger of AEL into AESA, effective from 1 December 2018, aimed at providing clients with certainty of uninterrupted UK and European insurance coverage as part of AIG’s planned restructure of its European business.

AIG Greece SA Sale of Shares

We advised AIG in the purchase by two entities of the AIG Group of Companies of 100% of AIG Greece SA’s shares from local partners.

Insurance Agency Disputes

We are advising a Gibraltar based insurance company under liquidation in disputes involving the business conducted by its former Greek special agent, as well as advising and representing the client in various disputes in Greece and in the recovery of monies, information and data from various parties.

Insurance Litigation

We represent CNP Zois SA, a member of the CNP Cyprus Insurance Holdings Ltd Group, as their legal advisors in insurance related matters and as their lawyers in litigations involving insurance related disputes on insurance products sold in the Greek market on an ongoing basis.

Advice to CNP Group of Companies

We advise the local entities of the CNP Group of Companies, including its insurance companies, on a day to day basis, advising on their corporate bookkeeping, regulatory issues, contracts, and litigation matters.

National Bank of Greece Proposed Sale of Stake in National Insurance

We advised the National Bank of Greece in connection with their proposed sale of a controlling stake in its subsidiary, Ethniki Hellenic General Insurance SA, to EXIN Financial Services Holding BV and the entering into a long term bancassurance agreement, pursuant to an international private competitive process.

Sale of Eurolife

We advised Eurobank Ergasias (Eurobank) in connection with the structuring and execution of an international competitive private auction process for the sale of 80% of its Greek and Romanian life and non-life insurance operations grouped under Eurolife ERB Insurance Group Holdings (Eurolife), as well as on the negotiation and execution of final transaction documentation with the winning bidder, Fairfax Financial Holdings, and Eurobank’s entering into long term bancassurance agreements with the Greek and Romanian life and non-life insurance subsidiaries of Eurolife.

Bancassurance Agreements

We advised Eurobank in their entry into bancassurance agreements with the Greek and Romanian life and non-life insurance subsidiaries of Eurolife and the adjustment of such agreements contemporaneously with the sale of Eurobank’s 80% sale of Eurolife.

Association of Insurance Companies Council of State Dispute

We represented the Association of Insurance Companies of Greece and 14 Insurance Companies (including NN, AXA, Metlife and Allianz) before the Council of State in relation to an application aiming to overturn legislation under which insurance companies are no longer required to pay contributions to the Subsidiary Insurance Fund for the Personnel of Insurance Companies in accordance with the terms of the Memorandum of Understanding entered into between the Greek Government and the Troika as part of the Economic Adjustment Programme.

Tax Advice in Insurance Sector

We advised a leading French multinational insurance group on the direct and indirect tax implications of restructuring its European activities, involving the registration of a branch in Greece and contributions to some local operations in accordance with EU tax incentive legislation on cross – border restructurings.

Tax Treatment of Life Insurance Products

We are advising a multinational insurance company on the corporate tax implications and Greek tax treatment of life insurance contracts offered under the freedom to provide services rules and applied for by Greek tax residents.

AXA Insurance Acquisition of Alpha Insurance

We acted on behalf of AXA in the context of its acquisition of Alpha Insurance SA, an important player in the local insurance industry.