EBRD has acquired an equity stake in the Greek insurance company European Reliance General Insurance Company S.A. ("European Reliance") from Piraeus Bank S.A. representing 15 per cent of European Reliance's total share capital.
With this investment, the EBRD is supporting the future development of European Reliance and facilitating the restructuring efforts of Piraeus Bank S.A.. The Greek insurance market is less advanced compared to other EU markets and the EBRD is therefore planning a long-term engagement with European Reliance.
Transition impact stems from the following:
- Competition in the insurance sector
- Setting standards for corporate governance and business conduct
EUROPEAN RELIANCE GENERAL INSURANCE CO SA
European Reliance is a leading composite insurer in Greece and listed on the Athens Stock Exchange. In 2015, European Reliance had gross written premiums which totalled €167 million and was among the top 10 insurance companies in Greece.
Environmental and Social Summary
Categorised FI. The activities of European Reliance are generally considered low risk from an environmental and social (E&S) perspective. ESD has reviewed a variety of E&S information to assess compliance with PRs 2, 4 and 9. In respect of PR2 and PR4 European Reliance is fully in compliance. For PR9 European Reliance will need to adopt and implement the EBRD's E&S Risk Management Procedures for Insurance Companies.
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