Surety Bonds

One of the most important pillars of the Greek economy, with a significant contribution to the country’s GDP and to the overall development process, is the construction sector. From residential construction and road infrastructure projects, to energy-related projects and hotel facilities, the sector offers countless opportunities for growth. Other sectors of the economy that benefit from the issuance of Surety Bonds include Promotion & Advertising service providers, companies active in the Food & Beverage industry, Electrical Appliances Trade, the Pharmaceutical industry, Renewable Energy companies, Customs, Cleaning services, and of course businesses operating under the broad spectrum of the Tourism sector.

For all the sectors above, the successful completion of a project requires extremely careful planning and the implementation of appropriate risk-mitigation mechanisms, in order to limit risks and ensure the sustainability of each project.

The ability of businesses to respond to complex projects and strict timelines depends directly on their financial condition, liquidity, access to financing, and the guarantees they are able to provide. In this context, Surety Bonds emerge as an essential tool for strengthening business credibility and enabling project execution without delays or additional risks.

Surety Bonds are an integral part of the operation of construction projects, especially those of large scale. As financial instruments, Surety Bonds ensure compliance with the contractual obligations of contractors, thereby protecting the interests of all parties involved. In addition, they safeguard the smooth progress of projects and help prevent delays or non-completion due to financing issues.

However, access to the issuance of Surety Bonds may be limited, particularly for small and medium-sized enterprises or for companies with a weaker financial position. The strict requirements imposed by banks in this area can act as a barrier to participation in tenders and, in particular, to the undertaking of new projects.

At this point, HORIZON 1964 Insurance Company provides an excellent alternative solution by offering Surety Bonds that can meet the needs of businesses and facilitate their further growth.

HORIZON 1964 Insurance Company has more than 60 years of experience and expertise in the insurance sector, providing high-level services and safeguarding its clients’ agreements. With a solvency ratio of 245% (Solvency Capital Requirement – 31.12.2024), HORIZON is well positioned to support businesses with the most demanding needs for Surety Bonds, regardless of the size or complexity of the project.

Moreover, having an extensive experience in Technical Insurance, a key factor, in the assessment for the issuance of a Surety Bond, is the client’s business experience and know-how in their sector of activity, always in combination with the specific characteristics of each project, such as the project’s timeline, potential regulatory particularities, and the structure of the financing.

For the evaluation of each request, we follow a rigorous risk assessment process, using financial indicators, such as liquidity ratios, leverage ratios, and performance ratios, in order to minimize underwriting risk to the greatest extent possible.

In addition, the client’s credit assessment—incorporating external evaluations from recognized credit rating agencies—is equally important in selecting the most reliable partners, enabling HORIZON to offer Surety Bonds that fully meet the specific requirements of each project.

Today, HORIZON 1964 Insurance Company provides a comprehensive range of Surety Bonds, specialized and tailored to the needs of the market:

• Bid Bond
• Performance Bond
• Retention Bond
• Advance Payment Bond
• Maintenance Bond
• Customs Bonds
• Renewable Energy Bonds
• Bonds for the establishment and operation of Travel Agencies

Always acting with respect, reliability, and decades of proven expertise, HORIZON 1964 Insurance Company consistently stands alongside small, medium-sized, and larger Greek enterprises, offering strategic solutions to secure the stability and growth of their projects through Surety Bonds, ensuring their success and continued operation at every stage of implementation.

We are—and remain—at the disposal of all businesses that wish to move forward.
Together, Securely.

For a detailed presentation and quotation of a Surety Bond (coverages, maximum liability limits, transaction terms, and final insurance cost), please contact us via:

Telephone at: (+30) 210 3227932-6 (local call charge)

E-mail at: [email protected] or at: [email protected]