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Greece’s instable business ecosystem affecting German reinsurer Munich Re’s plans to buy Greek insurance ATE

Munich Re, the German reinsurer is debating calling off its planned 90 million euro ($99 million) takeover of Greece’s ATE Insurance, if the political situation in the country does not offer any resolutions. Greece’s Piraeus Bank is looking to sell its ATE Insurance business to Ergo Insurance Group, which is a subsidiary of Munich Re. The deal has yet to receive regulatory approvals. However, Munich Re has said that the deal closing will also depend on Greece’s political and economic stability. The sale is a part of Piraeus’s restructuring plan, which aims at divesting non-crore assets to bolster its capital position. The Bank is majority owned by Greece’s bank bailout fund HFSF.

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