Project description
and objectives:
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Equity investment in Bulgarian Insurance Group, which will invest in and actively manage insurance and pension fund management companies and health insurance funds in Bulgaria. The company will invest in and actively manage insurance and pension fund management companies and health insurance funds in Bulgaria. It will initially hold controlling stakes in Pension Assurance Company Doverie and Bulstrad Insurance and Reinsurance Plc, and in the future will seek to expand its operations in the Bulgarian insurance and pension markets.
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Transition impact:
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The project will have a substantial impact on the transition by promoting the development of capital markets in Bulgaria, increasing the intermediation capacity of the financial sector and contributing to the implementation of comprehensive pension reform.
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The client:
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Bulgarian Insurance Group (BIG) is a newly established company, incorporated in Bulgaria. The company will be owned by TBI Holding (a joint venture between Kardan Ltd of Israel and Deutsche Bank private equity) and the EBRD.
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EBRD finance:
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US$ 5.15 million (EUR 5.05 million) equity investment in newly issued shares of BIG.
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Total project cost:
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US$ 17.16 million (EUR 16.8 million).
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Environmental impact:
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BIG will manage its investments in accordance with the EBRD’s environmental guidelines for investments in the insurance sector. It will also provide guidance for identifying any significant environment-related exposures in the portfolio of potential investee companies.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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EBRD contact:
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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