Project description
and objectives:
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Through an equity investment it is proposed that the EBRD participate in a
greenfield life insurance company that will sell risk bearing life insurance
products to individual customers.
The project company aims to be at the fore front of the anticipated increase
in real life business and to utilise the experience of Sputnik Group in
setting up and operating life and non life insurance businesses.
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Transition impact:
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The provision of risk bearing insurance products to the wider Ukrainian market
is a key element in the development of non-bank financial institutions market.
This project will provide a much needed impetus to a sector where capital
supply is limited. Rigorous standards of corporate governance will be
applied through the EBRD’s representation on the Supervisory Board.
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The client:
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Renaissance Life Ukraine is a new life insurance investment of the Sputnik
Group, owner of non-life and life insurance companies in Russia.
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EBRD finance:
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Initial equity commitment by the EBRD will amount to USD 2 million for 30%
equity stake. The EBRD will participate pro-rata in planned capital increases
bringing its total equity investment to USD 9 million.
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Total project cost:
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USD 30 million.
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Environmental impact:
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Renaissance Life Ukraine will conduct its life insurance operations in
accordance with the EBRD’s Guidelines for Investments in the Insurance Sector.
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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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Kevin Phillips
CFO/COO
ZAT Renaissance Life
04050,
Kyiv, Ukraine
13 M Pimonenko St, Office 1A/21
Tel: +380 44 5377522
Fax +380 44 581 0955
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EBRD contact:
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Vladimir Klechtchev, Operation Leader: klechtcv@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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