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Corporate Governance

Corporate Governance Statement
Statement of Corporate Governance

Corporate Governance is the total of principles and practices that an Organization adopts, in order to ensure its performance, the interests of the shareholders and the interests of all interested parties (stakeholders).

The principles of Corporate Governance are the basis for the system of corporate governance of European Reliance General Insurance Co. S.A., through which the Company achieves its prudent and effective management, with efficient use of all available productive assets and with transparency in the corporate functions for the long-term interest of the shareholders. Corporate Governance has a positive effect on the performance of the Company and focuses on the following:

- The Board of Directors and the executive Directors, the composition of the Board, the percentage of independent members, the composition of the BoD Committees, the procedure for the assessment of the Board of Directors, the responsibilities of the Chairman and the Chief Executive Officer.

- The rights of the shareholders (one share-one vote principle).

- The assurance of the transparency and audit with the contribution of the four independent key functions (Risk Management, Internal Audit, Compliance, Actuarial).

Within the context of Corporate Governance, European Reliance General Insurance Co. S.A. aim at implementation of best practices in the functions of the Organization such as voluntary commitments, in accordance with the Company's business ethics. European Reliance General Insurance Co. S.A., as a Société Anonyme listed in the Athens Stock Exchange, applies the Greek legislation regarding the principles and practices of corporate governance and partially the Greek Code of Corporate Governance, for the listed companies, as it is published in the official website of the Athens Stock Exchange. (https:// Moreover, the Company uses the four independent key functions of Internal Audit, Risk Management, Actuarial and Compliance for its best operation in the new legislative environment of Solvency II Directive.  

The philosophy and culture that govern the Corporate Governance are imprinted in a series of regulations and policies, among which,the Internal Regulation of Corporate Governance, the Internal Regulation of Operations, the Corporate Code of Conduct, the Compliance Policy, the Internal Audit Policy, the Policy for the management and prevention of Conflict of Interests, the Remuneration Policy, etc. 


The Board of Directors

Nikos Chalkiopoulos

Chairman of the Board of Directors, Executive Member

Mr. Chalkiopoulos has extensive experience in the insurance industry as Executive Director in Insurance companies. He joined European Reliance General Insurance Co. S.A. in October 2002 and since 2005 holds the position of the Chief Insurance Operation Officer. He has a Degree in Mathematics from the National and Kapodistrian University of Athens and is a member of the Hellenic Actuarial Society.


George Diamantopoulos

Vice President, Non-Executive Board Member

He has over 30 years of experience in consumer goods companies, and the most important among them was Kraft Foods Hellas. In 1997, he became the Area Director responsible for the Balkans. In European Reliance he has been Chairman of the Audit Committee, Chairman of the Corporate Governance, Remuneration and Nomination Committee and has been a Member of the Risk Management Committee.


Christos Georgakopoulos

Chief Executive Officer, Executive Board member

Mr. Georgakopoulos is the founder and Chief Executive Officer of European Reliance General Insurance Co. S.A. He has Degrees in Law and Economics from Aristotle University and Panteion University correspondingly and has extensive experience in the fields of sales and marketing. He is the Chairman of the Board of Directors of the subsidiaries of European Reliance, European Reliance Asset Management. S.A & Alter Ego S.A.

Stefanos Verzovitis

Executive Board Member

Mr. Verzovitis has extensive experience in companies, such as Ziridis School, Onassis Cardiac Surgery Center, Johnson & Son and Michelin Automotive Tires. He joined European Reliance in October 2000 and today holds the position of the Chief Financial Officer. He has a Degree in Economics from the Athens University of Economics.

Keith Morris

Independent, Non-Executive Board Member

Mr. Morris has a Degree from the University of Manchester in Management Sciences with specialisation in Finance and Marketing. He has extensive experience in companies including HSBC, Citibank and IBM. He has held a number of Managing Director level appointments in Eagle Star Insurance, AIG Europe, Euler Trade Indemnity and RBS Insurance. He has been a Non-Executive Board member in several companies including Standard Life Assurance Company. He is currently Deputy Chairman of the Supervisory Board of Sava Re, a Slovenian insurance group.


Eleni Andreadaki

Independent, Non-Executive Board Member

Mrs. Andreadaki has extensive experience in the insurance industry, since she has been Head of Actuarial Function in the Insurance Industry for several years. She joined Aon Solutions Greece in 2008, providing consulting services, actuarial support to Insurance companies and valuations of Insurance Portfolios. She has a Degree in Mathematics from the University of Crete and is a member of the Hellenic Actuarial Society.


George Konstantinidis

Non-Executive Board Member

Mr. Konstantinidis has been active in the establishment, management and shareholding of businesses, such as Centropell GMBH Frankfurt, Novus Finance S.A., Astropell S.A., Kiapell G.M.B.H. and CPL S.A. He joined European Reliance in 2000 and since 2007 is the Chief Executive Officer of the subsidiary Alter Ego S.A.


Christina Papanikolopoulou

Independent, Non-Executive Board Member

Mrs. Papanikolopoulou is Head of Finance and Capital Market of the Zepos and Giannopoulos Law Firm in Greece. Having long experience in the financial and banking sector, she has been involved with some of the most significant changes of the Greek Economy, such as Greek debt restructuring, recapitalization of the major banks of Greece and sovereign debt restructurings of Greek banks. She has a bachelor’s in law from the University of Athens and a Master (LL.M) from the Southampton University. Mrs Papanikolopoulou has been a member of  A.B.A. since 1994.


Panagiotis Vroustouris

Independent, Non-Executive Board Member

Mr. Vroustouris is a Certified Public Accountant (Accounting SOEL 12921) and President and CEO of MPI HELLAS SA. He has served as a Regular Auditor in ATHEX listed companies, in insurance companies and organizations and an advisor on International Financial Reporting Standards (IFRS) and in Private and Public Sector Entities. He has been a member of the Accounting Regulatory Committee in the European Union, the Accounting Standardization Council, the Supervisory Board of SOEL, the Economic Chamber, the Insolvency Management Committee, as well as several legislative committees on accounting, auditing and tax issues. He holds a degree from the Piraeus School of Industry in Business Administration.