Hellas Direct Insurance (EBRD-52394)

Countries
  • Cyprus
  • Greece
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
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
Dec 16, 2020
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.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 12.20 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 10
Converted using 2020-12-16 exchange rate.
Project Cost (USD)
$ 19.88 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 16.3
Converted using 2020-12-16 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS May 5, 2021

Disclosed by Bank Apr 16, 2021


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Project Description

According to the bank website, "A junior subordinated mandatory convertible debt investment of up to EUR10 million to HD Insurance Limited ("Hellas Direct" or the "Company"), a general insurer incorporated in Cyprus and operating in Greece and Cyprus.

This transaction supports a fast-growing, tech-driven insurance company operating in Greece, where the insurance penetration ratio is one of the lowest in Europe, to scale up the Company's operations and allow it to continue offering innovative insurance products and digitalising the insurance value chain. The Bank's investment will provide the Company with adequate solvency headroom to reach the necessary scale in line with its business plan. Therefore, the funds will be used as regulatory capital, as well as for working capital and general corporate purposes."

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Contact Information

Natalie Curry
+30 212 222 9999

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html