RESO Garantia - Senior Loan

Location:

Russia

Project number:

42993

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Target board date:

22 Nov 2011

Status:

Completed

PSD disclosed:

01 Nov 2011

Translated version of this PSD: Russian
 

Project Description

The EBRD is considering supporting RESO Garantia (“RESO”), one of its investee companies and a top-4 insurance company in Russia, through the provision of a USD 110million loan following the recent announcement that RESO is to acquire an equity interest in another leading insurer in Russia, VSK Insurance (“VSK”).

On 19 September 2011, RESO Garantia and VSK made a public announcement of a creation of a joint "Insurance Group RESO-VSK”.

Transition Impact

The transition impact potential of the Project arises from supporting the further consolidation in the Russian insurance sector. The potential integration of the two insurance companies into a combined group will lead to the creation of a top-2 non-life insurance player that can challenge the other leaders and thus introduce more competition to the market.

The Client

RESO Garantia is the fourth largest insurance group in Russia measured by premium income in the first half of 2011 with close to 6.5% market share. RESO provides a wide range of insurance products to corporate and retail clients, but focuses on retail business. The Company is a leading provider of motor, property, accident and health and liability insurance in Russia.

EBRD Finance

USD 110 million, 5-year loan.

Project Cost

USD 110 million.

Environmental Impact

RESO will be required to comply with the requirements of PR9, including the implementation of environmental and social due diligence and monitoring procedures for insurance companies as outlined in the eManual, and continue to provide annual environmental and social reports to the Bank.

Technical Cooperation

None.

Company Contact

Igor Ivanov, Head of Public Relations
RESO Garantia
Gasheka street 12, building 1
Moscow 125047
Russia
Tel: + 7 (495) 730 3000
E-mail: investors@reso.ru

 

Business opportunities

For business opportunities or procurement, contact the client company.

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