SEC REGULATORY COMPLIANCE FOR PUBLIC LISTINGInsurance & Reinsurance
INTERAMERICAN is a leading Greek insurance company. It belongs to the ACHMEA Group, a leading international insurer.
OVERVIEW
As a major player in the Greek insurance industry, Interamerican’s growth through a public listing for capitalisation required strict adherence with the US SEC requirements as to who could view their prospectus and who was not permitted. To that end, Interamerican was seeking the technology partner to ensure compliance throughout the listing process.
CLIENT: Interamerican, Greece
INDUSTRY: Insurance
SERVICES: SEC Regulatory compliance through creating secure online prospectus and auditable proof of compliance
WEBSITE: https://www.interamerican.gr/en
challenge
Interamerican had a stronghold within the Greek insurance market, servicing more than 1,000,000 individual and corporate customers, covering all insurance business lines.
It is second largest in the entire Greek market. It has a high solvency rate, is fully aligned with Solvency II requirements, and features robust financial figures.
Pan-European insurance and financial services group Eureko BV sought to acquire 54.38% of the shares of Interamerican, taking their entire holding of Interamerican to 79.38%. This required Eureko to then make a mandatory public offer for the remaining 20.62% of Interamerican under Greek laws. Applicable laws related to the prospectus listing under EU, UK and US laws.
There was a requirement for the prospectus to not be visible to the US market and US investors. Breach of this would result in severe penalties and potentially criminal actions taken against Board Members of both Interamerican and Eureko BV.
solution
We developed a secure platform solution that met the requirements of the various regulatory bodies, including the SEC, UK Financial Conduct Authority, Athens Exchange Group, the E.U. Prospectus Directive and the London Stock Exchange.
Using proprietary technology developed solely for our clients, Interamerican and Eureko B.V., the prospectus was only visible in specified countries. We created auditable logging of all activities, IP addresses, attempted manipulation of IP and MAC addresses in order to provide auditable data to Regulators.
results
INTERAMERICAN continued to innovate within its domestic market, creating products and services, such as bewell Health System, Medisystem Integrated Health System, Capital Investment System, innovative Assistance covers, etc. It is the only insurer owning state of the art infrastructure in Health (Athinaiki Mediclinic, Medifirst Primary Care Group Practice) and Assistance (road assistance vehicles, ambulances, etc.).
It continued to develop a multi-channel distribution model for product availability and service, both for its customers and its sales networks. The company also introduced Anytime, the 1st direct insurance brand, changing the entire concept of insurance in Greece.
✔ Ranking 1st in Reputation & Visibility (Famous Brands)
✔ Named as the Top Insurance Company in Greece by “World Finance”
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