RENAISSANCE LIFE INSURANCE

Location:

Russia

Project number:

34953

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Target board 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

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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.