Project description
and objectives:
|
10 per cent equity participation in the newly founded Polish life insurer Heros Zycie S.A. alongside Wiener Staedtische Allgemeine Versicherung AG (WS), Austria, as the main sponsor. The project aims to establish a life insurance company in Poland, which will provide life insurance and voluntary pensions products.
|
Transition impact:
|
The project is expected to have an impact on the transition process by increasing competition in the life insurance sector. It will also raise industry standards by making use of know-how from Austria and other countries in central and eastern Europe where the sponsor has insurance subsidiaries.
|
The client:
|
Heros Zycie S.A. (life insurance), Poland, will be 90 per cent owned by Wiener Staedtische Allgemeine Versicherung AG, Austria, and 10 per cent owned by the EBRD.
|
EBRD finance:
|
The Bank’s total commitment for this project amounts to PLN 4 million (EUR 0.96 million).
|
Total project cost:
|
The total project cost is envisaged to amount to PLN 40 million (EUR 9.6 million).
|
Environmental impact:
|
Life-insurers do not represent an environmental risk per se, as they only offer financial products to individuals. WS is a signatory to the UNEP Statement of Environmental Commitment by the Insurance Industry, which commits signatories to include environmental risk management in their core activities, and to take environmental considerations into account in their asset management and internal operations.
Heros Zycie’s investment operations can be classified as low environmental risk, as Polish life insurers are restricted by the local regulatory authorities in terms of their investment policy. Generally, financial assets will be invested in local government bonds, bank deposits and, to a small extent, in local blue chips. Heros Zycie is required to comply with the EBRD’s Environmental Exclusion List in all its investment and insurance operations.
|
Technical
cooperation:
|
None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
|
Company contact:
|
|
EBRD contact:
|
Denisa Greslikova, Operation Leader: greslikd@ebrd.com
|
Business opportunities:
|
For business opportunities or procurement, contact the client company.
|
General enquiries:
|
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
|
