EUROPEAN RELIANCE & ORIZON: SIGN CONTRACT TO TRANSFER THE PORTFOLIO

The companies European Reliance General and Orizon General have signed a contract to transfer the portfolio of all sectors of insurance policies plus General Civil Liability & Civil Liability of Pleasure Vessels from the latter to the former.
The relevant request has already been submitted to the responsible Private Insurance Supervisory Committee. The announcement from Orizon General was published in the Greek Government Gazette and the political and financial press, in accordance with the law.
With this agreement, European Reliance General will increase its revenue from healthy insurance sectors by approximately €12 million, and its reserves by almost €15 million.
Through this action, European Reliance General is looking forward to a significant increase in its profits. At the same time, it is increasing its infrastructure by acquiring new, trained human resources and gaining further technical knowledge in the Bancassurance sector, which will result in broadening its collaboration with Piraeus Bank and extending its growth in S. E. Europe.