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Strengthening the Georgian insurance market
EBRD takes stake in insurance company Imedi L
In its first investment in the Georgian insurance market, the EBRD has
acquired a 34 per cent stake in the local insurance company Imedi L. The Bank
will support the expansion of Imedi L’s business and the strengthening its
position as a leading insurer in this growing sector. Imedi L will also
benefit from technical support provided by the EBRD’s Early Transition
Countries (ETC) Multi-Donor Fund.
Founded in 1995, Imedi L is an independent insurance company with an excellent
track record. The company is licensed to underwrite a full range of life and
non-life insurance products. It is a leading property insurer and holds strong
positions in other major classes of non-life insurance.
Jonathan Woollett, EBRD Director for Non-Bank Financial Institutions, said
that following the Bank’s support for the strengthening of the regulatory
environment of the Georgian insurance market, the EBRD was now pleased to be
supporting a key independent player looking to develop the market in line with
international best practice.
Levan Tsuladze, Chairman of the Supervisory Board of Imedi L, said that the
EBRD’s investment represents a milestone in the company’s history. The support
by a major financial institution and the Bank’s will enable Imedi L to provide
better services and strengthen its efficiency.
The EBRD is one of the largest private sector investors in Georgia and has
to-date signed more than 60 projects in the country covering energy,
transport, agribusiness, general industry and banking for a total commitment
of almost €400 million. Georgia is also part of the Bank’s Early Transition
Countries Initiative which was launched in 2004 to stimulate market activity
in the Bank’s lowest-income countries of operations by using a streamlined
approach to financing more and smaller projects, mobilising more investment,
and encouraging economic reform. The Bank is especially exploring investment
opportunities to support the development of the non-bank financial sector.
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