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.
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
