Energo-Asekuracja S.A. (equity)

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 10512

Status Complete

Location

Poland

Business Sector

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 10512

Status Complete

Location

Poland

Business Sector

Notice Type

Private

Environmental Category

Approval Date

18 Apr 2000

Disclosure date

06 Apr 2000

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

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.

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.

Transition impact

ETI Score:85

PSD last updated

01 Feb 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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