EXIN settles Calamos dispute

Dutch EXIN Group has settled all pending litigation and disputes with US investor Calamos Family Partners.

EXIN, which operates insurance, in-house asset management, reinsurance and managing general agency services, offers specialty lines, general, savings and investment, and life products, direct sales and third-party distribution.

The settlement with Calamos includes dismissal of the legal actions in Athens, Amsterdam and Chicago, according to a corporate statement.

In February 2018 Calamos launched a lawsuit against EXIN for defaulting on loans. Calamos was seeking immediate repayment of more than $41 million in principal, plus interest, owed to them by EXIN under a series of loan agreements.

The dispute cast doubts on whether a deal between the two companies to buy Greek National Bank’s insurance unit could go ahead.

In June 2017 Calamos Investments, which has $20 billion under management, and EXIN Partners had agreed to acquire 75 percent in Ethniki Hellenic General Insurance for €718 million.

In March 2018, however, the sale fell through, driving NBG to seek alternative options for the insurance unit.