RENAISSANCE LIFE INSURANCE

Location:

Russia

Project number:

34953

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Approval date:

21 Sep 2004

Status:

Completed

PSD disclosed:

18 Aug 2004

Project Description

The project consists of a financing package of up to USD 40mm to Renaissance Life Insurance group, an insurance group operating life insurance and pension businesses in Russian Federation and Ukraine. 
The transaction will support the growth of the group, and will contribute to the expansion of the life insurance and pension sector as a whole.
 

Transition Impact

The project promotes the development of, and competition in, the provision of risk-bearing life Insurance products (where current penetration is significantly less than 1% of GDP). Furthermore the project supports the implementation of a comprehensive private pension reform and promotes further development of the capital markets in Russian Federation.

The Client

Renaissance Life Insurance, a limited liability company formed in Russia, joint-venture of EBRD and Sputnik Group Limited (Bahamas) where EBRD owns 30%.

Renaissance Life Insurance Ukraine, a private joint stock company formed in Ukraine, another joint-venture of EBRD and Sputnik Group where EBRD owns 30%.

Renins Life Limited, a limited liability company registered in Cyprus, a holding set up to by Sputnik Group to control its life insurance and pension subsidiaries

Sputnik Group Limited (Bahamas) is the project companies’ ultimate parent company and also operates in the Russian non-life insurance industry via its subsidiary Renaissance Insurance Group.

EBRD Finance

Up to USD 40 Million

Project Cost

USD 40 million.

Environmental Impact

The environmental risks associated with Renaissance Life Insurance’s operations are low. However, in order to mitigate environmental impact Renaissance Life Insurance conducts its life insurance operations (both underwriting and investment activities) in accordance with the EBRD’s Guidelines for Investments in the Insurance Sector.

Technical Cooperation

None.

Company Contact

Austin Kimm, President
Renaissance Life Insurance Group
7, building 22, Derbenevskaya naberezhnaya
Moscow 115114
Tel: +7 495 981 2 981
Fax +7 495 589 1867
 

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

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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