Project description
and objectives:
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Extension of the original UNIQA MPF, signed on 20 March 1998, from ?18.8 million to ?70 million. The MPF will continue to provide equity funding for eligible insurance companies in the context of establishment, development and acquisition. The original MPF was limited to 5 countries only and the availability period has lapsed. The new MPF will be available in all the Bank's countries operations, the investment period until the end of 2007.
The first two sub-investments in Poland would support the solvency of UNIQA TU and UNIQA Zycie and enable the companies to become more significant market participants in non-life and life insurance sectors respectively.
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Sub-projects:
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- UNIQA TU Equity
- UNIQA TU na Zycie Equity - 4th Capital Increase
- UNIQA Biztosito Rt. (Hungary)
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Transition impact:
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The UNIQA MPF has to date had a positive impact on the transition process. So far, EBRD has invested in UNIQA subsidiaries in Croatia and Czech Republic, facilitating the provision of:
- foreign know-how to the sub-projects,
- capital to local capital markets,
- improved professional standards, reputation and credibility of local insurers and their products, and
- insurance services to SMEs.
Despite the transition impact already demonstrated by this project there still remains scope for furthering this impact both in existing and new markets.In Poland, the EBRD still has a significant role to play in the insurance sector.
In Poland, the EBRD still has a significant role to play in the insurance sector. In accordance with its Country Strategy for Poland, the EBRD shall actively contribute to the consolidation of the dispersed insurance market/financial services sector. By supporting UNIQA in consolidating the ownership of insurers, the EBRD is facilitating competition in the Polish insurance sector.
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The client:
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- UNIQA Versicherungen AG (UNIQA) as the sponsor for the MPF.
- Respective UNIQA subsidiaries as sub-investments, including UNIQA TU (non-life insurance company) and UNIQA Zycie (life insurance company) in Poland.
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EBRD finance:
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The project will consist of a €70 million MPF to be invested in the equity capital of UNIQA’s insurance subsidiaries in the EBRD countries of operation. This represents a €51.2 million increase to the original MPF of €18.8 million.
There will be two immediate sub-investments under this MPF consisting of the subscription of 30% capital and voting rights in each UNIQA TU and UNIQA Zycie for up to respectively €25 million and €7 million.
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Total project cost:
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The MPF will be increased by €51.2 million to €70 million.
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Environmental impact:
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UNIQA has been managing its sub-investments under the MPF in accordance with EBRD’s environmental guidelines for MPFs in the insurance sector and will continue to do so. These guidelines cover environmental due diligence on new sub-investments as well as the management of any environmental issues associated with insurance products and investments. Annual environmental reporting to EBRD on sub-investments has been satisfactory. None of the sub-project companies’ investment portfolios show significant exposures to environmentally sensitive industries and is in compliance with the Bank's FI Environmental Exclusion List.
The insurance product portfolios of UNIQA TU and UNIQA Zycie are environmentally low risk with a focus on motor, residential property, personal accident, and life, and policies do not provide coverage for environment-related damages or cumulative injury risk. Environmental risk associated with their asset management is also low.
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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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UNIQA International Insurance Holding GmbH
Untere Donaustrasse 25, A – 1021 Vienna
Phone: +43 1 211 75 2600
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EBRD contact:
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Andreea Moraru, Operation Leader: morarua@ebrd.com
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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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