Proti Insurance vs PISC: What’s going on?

Proti Insurance vs PISC: What’s going on?

Taken under consideration the approaching deadline to increase the capital of Proti Insurance, a new letter has seen the light of publicity.  The letter in question has started a lot of talks and rumors in the insurance market. According to it, a group of 5 investors wish to participate in the capital increase of Proti Insurance.

The Bank approved 15 million euros in financing, after carefully examining Proti Insurance’s 5-year business plan submitted by the investors whose name has become through this letter known. As a condition of the funding, the Bank, with the help of independent consultants, will perform a detailed legal and financial audit of the company.

These audits, however, are expected to be completed mid-July and the investors have already sent a letter to the Committee asking them for an extension. Proti was supposed to increase its capital by June 9 and is now hoping that PISC will grant the company until the 23rd of July to cover the deficit. After the successful completion of the audits, the 5 investors will own all the shares of Proti Insurance Company, currently owned by Advantage Capital Holdings, by drafting a relevant agreement.

The company feels that the above design will not only help “rescue” the corporation, but also obviously benefit the insured, the employees as well as the insurance market and National Economy in general.

Now, the ball is in PISC’s court and the rumors are out of control, most of which focus on rising questions worth mentioning:

-Why Mr. Petsas, President of PISC, and PISC are after Proti and started rumors on the company’s expense?

-What was Mr. Petsas’ and his associates’ initial plan? What does Mr. Bravos, President of International Life Group, has to do with it?

-Why did PISC allow to Mr. Bravos to acquire himself Universal’s shares, while International Life bought only the remaining 9%? Isn’t International Life capable to go through with the acquisition by itself? *

-What is Mr.Bassis’, General Manager of PISC, role in all this?

-What does Mr. Petsas and his associates have done about companies which face large deficits or insurance agents who face accusations? When will he make important decisions or disclose relevant names?

*International Life is one out of the 3 companies which bought the greatest share of portfolios of the companies whose licenses have been revoked lately

Click here for the Greek article.

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