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EBRD invests in Polish insurance company
As part of its strategy to help develop the insurance sector in its twenty-five countries of operations, the European Bank for Reconstruction and Development (EBRD) has agreed to subscribe for new shares in Bankowe Towarzystwo Ubezpieczen i Reasekuracji Heros S.A. (Heros), one of the largest private sector insurers in Poland. The subscription will give the EBRD a 17.6 per cent interest, valued at PLN 4.375 million (ECU 1.4 million), in the enlarged capital of Heros.
David Hexter, Head of Financial Institutions at the EBRD, said: "Heros is a well-suited partner for the EBRD as a new, independent, private company. Its management is professional, innovative and forward-thinking. The company's progress will help stimulate a competitive insurance environment in Poland."
Janusz Staniszewski, President of Heros, commented: "With the EBRD's association we can now implement our expansion plans and strengthen our position in the Polish market place."
Heros, which is a private sector insurer, was established in 1992 and has as its shareholders leading Polish banks and corporations. Its managers are former heads of Poland's top insurance companies and the management team is widely recognised as being one of the leading local insurance management teams in Poland.
Heros provides insurance coverage for a wide range of commercial and private activities. Based in Warsaw, the company operates through a national branch network and through its shareholders' banking networks. The majority of Heros's clients are Polish corporations and joint ventures, of which small and medium-sized companies form an important part.
This is the third investment the EBRD has made in the Polish insurance sector. Last year it took a 35 per cent stake in Azur Zycie and Azur Ostoja, two other Polish insurance companies which provide life and non-life insurance products to communities in rural areas of Poland. Both companies are subsidiaries of Groupe Azur, the leading French mutual insurance group.
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