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.
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.
Universalna – one of the largest non-life insurance companies in Ukraine
UAH 85 million.
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.
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