Energo-Asekuracja S.A. (equity)

Location:

Poland

Project number:

10512

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Target board date:

18 Apr 2000

Status:

Completed

PSD disclosed:

06 Apr 2000

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

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Text of the PIP

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.