Renaissance Life Ukraine

Location:

Ukraine

Project number:

36336

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Target board date:

03 May 2006

Status:

Completed

PSD disclosed:

03 Apr 2006

Project Description

Through an equity investment it is proposed that the EBRD participate in a greenfield life insurance company that will sell risk bearing life insurance products to individual customers.

The project company aims to be at the fore front of the anticipated increase in real life business and to utilise the experience of Sputnik Group in setting up and operating life and non life insurance businesses.

Transition Impact

The provision of risk bearing insurance products to the wider Ukrainian market is a key element in the development of non-bank financial institutions market. This project will provide a much needed impetus to a sector where capital supply is limited. Rigorous standards of corporate governance will be applied through the EBRD’s representation on the Supervisory Board.

The Client

Renaissance Life Ukraine is a new life insurance investment of the Sputnik Group, owner of non-life and life insurance companies in Russia.

EBRD Finance

Initial equity commitment by the EBRD will amount to USD 2 million for 30% equity stake. The EBRD will participate pro-rata in planned capital increases bringing its total equity investment to USD 9 million.

Project Cost

USD 30 million.

Environmental Impact

Renaissance Life Ukraine will conduct its life insurance operations in accordance with the EBRD’s Guidelines for Investments in the Insurance Sector.

Technical Cooperation

None.

Company Contact

Kevin Phillips
CFO/COO
ZAT Renaissance Life
04050, Kyiv, Ukraine
13 M Pimonenko St, Office 1A/21

Tel: +380 44 5377522
Fax +380 44 581 0955

 

 

Business opportunities

For business opportunities or procurement, contact the client company.

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Email: procurement@ebrd.com

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