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.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
100 jobs Number of planned job losses
Announcement Date
2 April 2009
Employment effect (start)
2 April 2009
Foreseen end date
3 April 2009
Description
Insurance firm EOS was forced to close down early April as it could not cover the solvency margin required.
Consequently, its total workforce of 100 employees, all over Greece, lost their jobs.
The company was managing some 210000 policies by the end of 2008, most of which (135000) were car insurance, although in the last three months many clients had decided to move to another insurer.
EOS was operating since December 2002 with headquarters in Maroussi, Attiki, a customer service centre in Thessaloniki, and over 1000 retail locations in Greece. It had been placed 49th out of 79 insurance companies operating in the Greek market.
Sources
2 April 2009: Kathimerini
Citation
Eurofound (2009), EOS, Bankruptcy in Greece, factsheet number 68676, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68676.
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