OJSC Insurance Company Universalna

Location:

Ukraine

Project number:

41514

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Target board date:

12 Jul 2011

Status:

Disbursing

PSD disclosed:

13 May 2014

Project Description

The EBRD is recapitalizing JSC Company Insurance Universalna one of the largest non-life insurers in Ukraine, which operates one of the largest nation-wide networks with a focus in SME and retail clients. The new capital will strengthen the company’s capitalisation and support the growth of risk taking capacity across Ukraine.

Transition Impact

The proposed investment will be used to strengthen distribution capacity of the Company, especially in the regions, which will allow for increased access and penetration of insurance across Ukraine. The Ukrainian insurance market is particularly nascent, with insurance penetration of only 0.8% of GDP, compared to an E.U. average of 8%.

EBRD will be represented by two persons at the Company’s Supervisory Board, enhancing the corporate governance. Supporting a leading insurer, who is one of the few in the sector that has adopted IFRS and prudent underwriting principles, will send a strong signal to the market that transparent and best practice players can have access to international markets and cooperation with reputable investors.

The Client

Universalna – one of the largest non-life insurance companies in Ukraine

EBRD Finance

Equity investment.

Project Cost

UAH 85 million.

Environmental Impact

Categorised FI. Universalna will be required to comply with PRs 2 and 9 and manage any potential environmental and social risks associated with its insurance and investment portfolio in accordance with the Environmental and Social Guidelines for the Insurance Sector. This includes adherence to the EBRD's Environmental and Social Exclusion and Referral lists, appointment of a member of senior management to be responsible for environmental and social issues, and submission of annual environmental and social reports to the Bank.

Technical Cooperation

None.

Company Contact

Kristina Parobok

E-mail: KParobok@kv.universalna.com

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)

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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.