Project description
and objectives:
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Through an equity investment it is proposed that the EBRD participate in a
greenfield direct insurance company with a focus on non-life and, primarily,
motor insurance (third party liability and Casco insurance).
The company will sell products via telephone call centres and utilise the
experience of Direct Insurance Financial Investments Ltd, Israel in starting
an operating such businesses.
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Transition impact:
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The project will support further development and competition in the Russian
insurance market and also facilitate innovation through a transfer of specific
knowledge and new techniques to the market.
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The client:
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Client: operations will be conducted via an existing licensed Russian
insurance company which will be purchased. Negotiations with potential target
companies are ongoing.
Sponsor : Direct Insurance Financial Investments Ltd (“DIFI”), a company
listed on Tel-Aviv Stock Exchange, which has a controlling stakes in the
leading direct insurance providers in Israel (Direct –IDI insurance ) and
Poland (Link 4).
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EBRD finance:
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Approximately EUR 35 million equity financing (including initial capital and
anticipated capital increases).
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Total project cost:
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Approximately EUR 120 million equity financing (including initial capital and
anticipated capital increases).
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Environmental impact:
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The environmental risks associated with the Company’s operations are expected
to be low. Policies will generally exclude environmental liability, but
coverage of environment-related damages is possible in conjunction with
appropriate reinsurance. In order to mitigate environmental impact the Company
will conduct its insurance operations (both underwriting and investment
activities) in accordance with the EBRD’s Guidelines for 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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Mr Igal Mor, Chief Financial Officer
Direct Insurance Financial
Investments Limited
Adgar Tower, 35 Efal St. Petach-Tikva
49511
Israel
Tel. +972 (3) 625 1424
Fax. +972 (3) 919 1330
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EBRD contact:
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Tatiana Moiseeva, Operation Leader: moiseevt@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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