Translated version of this PSD: Greek
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.
Company Contact Information
For business opportunities or procurement, contact the client company.
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Public Information Policy (PIP)
The PIP 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. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP
Project Complaint Mechanism (PCM)
The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.
Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (firstname.lastname@example.org) 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.