UNIQA Multi-Project Facility increase

Location:

Regional

Project number:

38612

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Approval date:

06 Nov 2007

Status:

Completed

PSD disclosed:

05 Oct 2007

Project Description

The proposed project is for an increase of the existing EUR 70 million Multi-Project Facility with UNIQA to EUR 150 million with an investment horizon of ten years. The MPF will provide equity funding for co-investments with UNIQA Versicherungen AG in the EBRD’s countries of operation in the context of establishment, development and acquisition of insurance companies.

Under the proposed MPF, the Bank will acquire a 20% equity stake in UNIQA Osiguranje d.d. in Bosnia and Herzegovina. The investment will strengthen the capital base of the company and allow it to sustain its growth in the Bosnian insurance market.
The Supervisory Board of UNIQA group is expected to approve the MPF in November 2007.

Transition Impact

The Bank has a long-standing relationship with UNIQA group. So far the Bank has invested in the Czech, Hungarian, Croatian and Polish subsidiaries of UNIQA. These investments have had a strong transition impact in the following areas:

  • bringing know-how (mainly new insurance products and IT) to the local companies;
  • improving professional and business practices standards, reputation and credibility of local insurers and their products,
  • providing quality insurance services primarily to individuals and SME/micro companies; and
  • enhancing competition through mergers and acquisitions, restructuring of the acquired companies and training of local staff.

By supporting UNIQA in Bosnia, the EBRD will facilitate competition and promote private ownership in the domestic insurance sector.

The Client

  • UNIQA Versicherungen AG (UNIQA) as the sponsor for the MPF.
  • UNIQA Osiguranje, a subsidiary of UNIQA Versicherungen AG incorporated and operating in Bosnia and Herzegovina as an investee company.

EBRD Finance

The project will consist of an amount of EUR 150 million under the MPF to be invested in the equity capital of UNIQA’s insurance subsidiaries in the EBRD’s countries of operation.

Under the MPF, the Bank will acquire 20% capital and voting rights in UNIQA Osigurajne, Bosnia.

Project Cost

EUR 150 million to be invested under the MPF.

Environmental Impact

UNIQA has been managing its sub-projects under the MPF in accordance with the EBRD’s Environmental Guidelines for the Insurance Sector and will continue to do so in the future. These guidelines commit UNIQA to ensure that the insurance and investment operations of sub-projects comply with the Bank's Environmental Exclusion List and with applicable national environment, health, safety, labour and public consultation requirements. They also provide guidance for adequate environmental due diligence on new sub-projects and for the management of any environmental risks and liabilities associated with their insurance products and investments.

Technical Cooperation

None.

Company Contact

Markus Maurer
UNIQA International Insurance Holding
Phone: + 43 1 211 75 3728
E-mail: markus.maurer@uniqa.at

 

Business opportunities

For business opportunities or procurement, contact the client company.

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