Proti Insurance gets 15 million Euros loan

Proti Insurance gets 15 million Euros loan

According to sources, Proto Bank approved a 15 million euro loan to the five private insurance intermediaries, so they, in turn, pay the money to First Insurance to cover its solvency margin.

Same sources also reveal that the amount was granted by the bank to a newly created company, named EVIMA. The firm was established by the five intermediaries, so they could transfer the money from the bank to the insurance company.

With that money, which will be automatically bound by the company to cover its solvency margin as soon as it is received, Proti Insurance is saved. However, the new shareholders, who take control of the company, will be required to pay within the next few months an additional amount to fully cover the financial obligations of the Insurance.

Finally, according to the same sources, the real estate EVIMA reportedly has signed a bancassurance agreement with Proton Bank.

Click here for the Greek article.

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