Project description
and objectives:
|
Technical cooperation will be provided to help the city of Maribor prepare and implement a targeted municipal creditworthiness enhancement programme.
The objectives of the capital increase are to:
- strengthen the capital base of the existing non-life company and support continued business growth;
- provide an operational fund to finance the start-up phase of a new life assurance subsidiary; and
- provide capital for the new life assurance company.
|
Transition impact:
|
The rationale for the EBRD’s investment in the existing non-life business is to support a growing insurance venture in Poland, with the aim of providing intensified competition in the non-life insurance sector, and to support the involvement of a committed Western sponsor. Support for the new life assurance venture will bring much-needed competition to this fast growing sector.
|
The client:
|
Energo-Asekuracja S.A. is the ninth-largest Polish non-life insurance company. It is based in Radom and is majority owned by Tryg-Baltica, Denmark’s largest insurer and part of the Unidanmark Group. Prior to this project the EBRD has an existing equity investment representing 4.7 per cent of the equity (via the New Europe Insurance Ventures co-investment agreement).
|
EBRD finance:
|
The EBRD has made a capital increase of PLN 21.9 million (€5.3 million). After this capital increase and including the existing shareholding, the EBRD’s stake is approximately 17 per cent. The Board has also approved an amount for a further capital increase in the medium term.
|
Total project cost:
|
Along with the strategic investor, Tryg-Baltica, and the IO Fund, the capital increase totalled PLN 87.5 million (€21.3 million).
|
Environmental impact:
|
Energo-Asekuracja S.A will manage its insurance and asset management operations in accordance with the EBRD’s environmental guidelines for investments in the insurance sector.
|
Technical
cooperation:
|
None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
|
Company contact:
|
|
EBRD contact:
|
Alasdair Macdougall, Operation Leader: macdouga@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
|
