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.
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
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.
