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”.
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.
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.
USD 110 million, 5-year loan.
USD 110 million.
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.
Igor Ivanov, Head of Public Relations
Gasheka street 12, building 1
Tel: + 7 (495) 730 3000
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