Hellas Direct (IFC-39017)

Countries
  • Greece
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Aug 24, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Hellas Direct Ltd
The holder of the loan, grant, or other investment.
Sectors
  • Communications
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 5.87 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 3, 2018

Disclosed by Bank May 4, 2017


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Project Description

According to IFC website, the proposed project is to support Hellas Direct (HD), a direct insurance company founded in 2012 in Greece. HD is an innovative insurance provider leveraging technology and a direct-to-customer business model to provide motor insurance efficiently to the Greek market.

The expected development impacts are:

1. Access to a financial service: Hellas Direct offers low cost insurance in an efficient manner, thereby enabling greater access to a pertinent service through its direct model.
2. Access to electronic payments: The Company is promoting usage of digital payments by providing avenues of cashless transactions for making payments. Greece is primarily a cash society, and HD is one of the pioneer insurers to promote digital payments.
3. Fostering new technology: Hellas Direct is spearheading latest technology practices, such as online quotes, digital payments, regular electronic communication techniques, digital advertising, algorithms based pricing, digital claims management, etc., thereby benefiting its customers, and the industry at large
4. Safer driving: Usage of applications such as Telematics will incentivize safe driving practices, thereby enhancing overall road-safety

Investment Description
  • International Finance Corporation (IFC)

Hellas Direct was founded by two first-time entrepreneurs, Emilios Markou and Alexis Pantazis. Both the Founders have extensive background in Insurance and Financial Services. Additional main shareholders are Third Point, a hedge fund with US$17b AUM and a focus on financial sector investments including insurance, and two large Family Offices.

Private Actors

It is a direct insurance company founded in 2012 in Greece. It is an innovative insurance provider leveraging technology and a direct-to-customer business model to provide motor insurance efficiently to the Greek market. 

Hellas Direct was founded by two first-time entrepreneurs, Emilios Markou and Alexis Pantazis. Both the Founders have extensive background in Insurance and Financial Services. Additional main shareholders are Third Point, a hedge fund with US$17b AUM and a focus on financial sector investments including insurance, and two large Family Offices.

Contact Information

Project Contact: Natalie Curry
CFO, HD Insurance Ltd
Telephone No.: 00357 22 376169
Email Addres: natalie.curry@hellasdirect.gr
Office Address: 2 Dramas Street, 1077, Nicosia, Cyprus
Website: www.hellasdirect.gr

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/