European Reliance



Project number:


Business sector:

Insurance, Pension, Mutual Funds

Notice type:


Environmental category:


Target board date:

06 Apr 2016



PSD disclosed:

10 Mar 2017

Translated version of this PSD: Greek

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

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.

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


Company Contact Information

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

Business opportunities

For business opportunities or procurement, contact the client company.

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Text of the PIP

Project Complaint Mechanism (PCM)

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Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer ( is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.