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25 May 2016
European Reliance – Press Conference: New strategic investors participate in the share capital of European Reliance General Insurance Company S.A.
A Press Conference was held to announce the participation of new strategic investors in the share capital of European Reliance General Insurance Company S.A.
The Press Conference comprised of two sections: Information regarding the partnership by the company΄s CEO, Mr. Christos Georgakopoulos and Ms. Sabina Dziurman, EBRD΄s Director of Greece and Cyprus followed by a press interview.
During his speech, Mr. Georgakopoulos presented the company΄s history from 1977 to date, while he elaborated on what makes European Reliance unique against its competitors. Mr. Georgakopoulos welcomed the new strategic partners: EBRD which acquired 15% of the share capital and the Investment Schemes Orasis Fund SPC (2.5%) and Serengeti Asset Management (2.5%). Mr. Georgakopoulos concluded his speech by mentioning the company΄s “Dream” as well as the importance of supporting the efforts of employees, policyholders, investors and the administration for the full and safe implementation of their expectations and goals.
Moreover, Ms. Sabina Dziurman made a brief presentation of EBRD, an AAA credit rate Bank owned by 65 countries, the European Union and the European Investment Bank. Since its foundation in 1991, EBRD has invested more than €100 billion in more than 4.500 projects.
Ms. Dziurman highlighted that EBRD΄s investment supports the efforts for further development of European Reliance -a solid Greek company operating in a competitive market- while supporting the restructuring efforts of Piraeus Bank.
After the Press Release the representatives of both companies jointly stated:
“We are very pleased to participate in the share capital of European Reliance. Our investment will support a well-run local insurance company, contributing to greater competition in the market for the benefit of local customers. 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. The EBRD will nominate an independent member on the Board of European Reliance to contribute to the development of the insurer’s corporate governance”. Sabina Dziurman, EBRD
“The participation of EBRD, as well as the Investment Schemes Orasis Fund SPC and Serengeti Asset Management, in European Reliance΄s share capital is a tangible proof of confidence towards our company, its growth prospects and its top management. But most importantly, it offers a strong safety net which aspires to protect the short and long-term interests of our policyholders, employees and shareholders. EBRD’s participation reinforces the company΄s vision which relies on the principle that the top management΄s interests should remain fully independent from the investors΄ and administrators΄ presence. Through this participation, the "Dream" of the company, presented during the company΄s 38th anniversary, becomes a reality”. Christos Georgakopoulos, European Reliance