Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Greek insurance provider Aspis Pronia dismissed 700 employees after it ceased activities. Aspis Pronia (that includes Aspis Pronia General Insurance & Aspis Pronia Life Insurance) had its license suspended on Monday, September 21 by the country's regulator for private insurance companies, in a decision affecting 700 permanent employees, 3000 external insurance agents, and about a million policy holders.
The board of Supervisory Commission for Private Insurance revoked Aspis Pronia license because the company did not meet its financial obligations towards customers and workers.
The Private Insurance Supervisory Commission said that according to Greek law, a supplementary fund will offer cover to the company's customers for 30 days, while a Supervisor of Life Insurance Portfolio will take over the management of Aspis Life Insurance to ensure that customers maintained their contract rights and money saved.
In response to news of the closure, Aspis Pronia said in a statement that the regulator had made its decision even though the company had recently completed a share capital increase and had improved its capital base. And also, despite the fact that it had been asked for an extension of a few days until the end of September.
Eurofound (2009), Aspis Pronia, Closure in Greece, factsheet number 69607, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69607.
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