Insurance, Pension, Mutual Funds
05 Nov 2002
13 Aug 2002
A proposed equity investment in Kazkommerts Policy, a non-life insurance company in Kazakhstan and subsidiary of Kazkommertsbank.
The investment will support the development of the Kazakh insurance market and enable Kazkommerts Policy to grow premiums written, retain the higher percentage of premiums and comply with Kazakhstan Central Bank's increasing solvency requirements.
The Project is the first direct equity investment of the EBRD in Kazakhstan and the first insurance project in Central Asia. The Project will help to attract potential strategic investors and ensure the continuation of enhanced standards of corporate governance.
Kazkommerts Policy was established in 1996 and is one of the leading non-life insurance companies in Kazakhstan. Kazkommerts Policy is 100 per cent owned by Kazkommertsbank, the largest private bank in Kazakhstan.
The EBRD will subscribe to newly issued shares for up to USD 1.5 million (EUR 1.5 million).
Up to USD 2.5 million (EUR 2.6 million).
Kazkommerts Policy will conduct its insurance and asset management operations in accordance with EBRD's Environmental Guidelines for Insurance Sector.
TC for insurance training may be provided.
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