European Reliance



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

06 Apr 2016



PSD disclosed:

10 Mar 2017

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

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.

Project Objectives

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

ETI score: 60

Transition impact stems from the following:
- Competition in the insurance sector
- Setting standards for corporate governance and business conduct

Client Information


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.

EBRD Finance Summary

EUR 9,975,773.00


Total Project Cost

EUR 14,275,773.00

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.

Technical Cooperation and Grant Financing


Company Contact Information

George Gkouskos
+30 210 8119655
+30 210 6841325
Kifisias Aven. 274, 152 32, Chalandri Greece

Implementation summary

The Project supported restructuring of the Greek banking system and helped to establish a stable shareholder base at European Reliance ("ER" or the "Company"), enabling a long-term growth in challenging market environment.

After EBRD's investment in 2016, ER's shareholder's composition remained largely unchanged. The Company demonstrated significant growth despite the economic difficulties in Greece: Gross Written Premiums ("GWP") increased from EUR 167 million as of YE2015 to EUR 212 million as of YE2019. Consequently, the ER's market share by GWP increased from 4.7% as of YE2015 to 5.2% as of YE2019. The Company has been continuously among the most efficient firms in Greece with a total motor loss ratio of around 60%. Additionally, the Solvency Capital Requirement Ratio, without the application of traditional measures and loss-absorbing capacity, is considered one of the highest in the sector (165.9%). The Company's Profits before taxes increased from EUR 16.1 million as of YE2015 to EUR 22.5 million as of YE2019.

The project ensured adherence to strict environmental, energy-efficiency and social standards. The Company fully implemented the Environmental and Social Action Plan on time and is the only insurance company in Greece which publishes ESG Reports, in the line with GRI Standards, ISO 26000 and the 17 SDGs of the U.N.

In terms of Transition impact, the Project contributed to overall competition by supporting development, expansion and corporate governance quality of one of the key market players in the Greek insurance market.

PSD last updated

18 Feb 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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