Get informed about the news of our Company
11 May 2016
European Reliance – New strategic partners in the Share Capital of European Reliance General Insurance Company S.A.
15% of the share capital of European Reliance General Insurance Company was acquired by the European Bank for Reconstruction and Development (EBRD).
This figure is part of the total percentage held by Piraeus Bank since 2007 and which, under the revised restructuring plan, proceeded to divest, as a non-purely banking activity.
EBRD is an AAA credit rating Bank, which is owned by 65 countries, the European Union and the European Investment Bank, and since its foundation in 1991, has invested more than € 100 billion in more than 4.500 projects.
The EBRD΄s participation boosts efforts for further development of European Reliance General Insurance Company and the continued upward trend that records throughout the course of 40 years of operation and in particular the last seven years, opening new horizons of cooperation and expertise.
The remaining percentage held by Piraeus Bank, was acquired by the Investment Schemes Orasis Fund SPC (2,5%) and Serengeti Asset Management (2,5%), and also the Company΄s Management Executives (8.6%).
It is worth noting that the Company from 2009 until today has achieved a spectacular written premiums increase by 50% and doubled its market share. In addition, it has a high reliability in the new Solvency II environment, high liquidity which allows having zero debt and substantial free reserves, while working with more than 5,000 insurance brokers and agents with a portfolio of over 500,000 contracts.
The company΄s CEO, Mr. Christos Georgakopoulos stated:
"First I would like to thank the management of Piraeus Bank for the confidence they showed to our Company and to our Management, for all these years. The efforts made to restructure the Greek Financial System, required, Piraeus Bank to sell its shares. As part of this transaction, we would like to welcome our new investors, EBRD, Orasis Fund SPC and Serengeti Asset Management.
The participation of such an important institutional body like the EBRD in European Reliance΄s Share Capital is an expression of confidence in both growth prospects and the Management of the Company. The "Dream" of the Company, as announced on 11.3.2015 for the full and safe implementation of employee΄s expectations, policyholders, investors and management, comes closer”.