Project description
and objectives:
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The European Bank for Reconstruction and Development is acquiring a stake of
10% in RESO Garantia (the “Company”), a leading Russian insurance company.
The main objectives of the project are to i) complete the restructuring of the
Company’s operations and its capital base and ii) for the Bank to support the
ongoing development of the Company and the Russian insurance market.
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Transition impact:
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The proposed transaction will provide further support to increasing non-life
insurance penetration rates (currently non-life premiums are approximately
1.1% of GDP versus approximately an average of 2.1 % in CEE and 3.1% in
Western Europe).
The EBRD’s investment will also help the Company in its aims of
i) leading developments in increasing market transparency and best practice;
and
ii) preparing for a potential future market offering.
The EBRD will nominate its representative to the Board of the Company.
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The client:
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RESO Garantia is the third largest insurance group in Russia (measured by
gross premiums in 2006). RESO provides a wide range of insurance products to
corporate and retail clients, but focuses on retail business. The Company is a
leading provider of motor, property, accident and health and liability
insurance.
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EBRD finance:
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An equity investment of the rouble equivalent of at least USD 150 million (EUR
110 million). The final size of the EBRD investment will be subject to further
adjustments, depending on the price achieved by RESO Garantia and its
shareholders in their possible future public stock market offering.
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Total project cost:
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At least USD 150 million (EUR 110 million).
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Environmental impact:
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The Company will be required to adopt and implement the EBRD’s Environmental
Guidelines for the Insurance Sector. This will enable the Company to manage
any potential environmental risks that may arise in relation to both the
insurance and investment portfolio. The Guidelines will require the Company,
inter alia, to comply with the EBRD's Environmental Exclusion and Referral
List for FIs and to submit annual environmental reports to the Bank.
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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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Irina Rybalchenko, Investor Relations Officer
RESO Garantia
Gasheka
street 12, building 1
Moscow 125047
Russia
Tel: + 7 (495) 232-40-41
E-mail: investors@reso.ru
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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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