Ethniki Insurance

In 1891, the National Bank of Greece, along with four other banks, founded Ethniki Asfalistiki with an ambitious goal: to create an insurer of international caliber. As Greece's oldest insurance company, its history is deeply woven into the nation's economic and social fabric. For over a century, it operated as a key part of the National Bank of Greece (NBG) group, expanding its reach and becoming a foundational piece of the Greek financial landscape. A pivotal chapter began when NBG, as part of a restructuring plan following the receipt of State Aid, needed to divest its majority stake. After a years-long sales process, a definitive agreement was reached in 2021. CVC Capital Partners, a global private equity firm, acquired 90.01% of Ethniki Insurance. The transaction valued the insurer at approximately €505 million and included a 15-year bancassurance partnership, ensuring NBG's network would continue to distribute Ethniki's products. This wasn't just a simple handover. The acquisition by CVC marked a new era of modernization for the historic company, focusing on enhancing its operations and strategy. The story took another significant turn in March 2025, when CVC agreed to sell its stake to Piraeus Bank for a reported €600 million. This move signals a new chapter of consolidation and strategic realignment within the Greek financial sector, positioning Ethniki for its next phase of growth.