Renaissance Life Ukraine

Location:

Ukraine

Project number:

36336

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Approval 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.

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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