Energo-Asekuracja S.A. (equity)

complete

Technical cooperation will be provided to help the city of Maribor prepare and implement a targeted municipal creditworthiness enhancement programme. The objectives of the capital increase are to: The rationale for the EBRD’s investment in the existing non-life business is to support a growing insurance venture in Poland, with the aim of providing intensified competition in the non-life insurance sector, and to support the involvement of a committed Western sponsor. Support for the new life assurance venture will bring much-needed competition to this fast growing sector. Energo-Asekuracja S.A. is the ninth-largest Polish non-life insurance company. It is based in Radom and is majority owned by Tryg-Baltica, Denmark’s largest insurer and part of the Unidanmark Group. Prior to this project the EBRD has an existing equity investment representing 4.7 per cent of the equity (via the New Europe Insurance Ventures co-investment agreement). The EBRD has made a capital increase of PLN 21.9 million (€5.3 million). After this capital increase and including the existing shareholding, the EBRD’s stake is approximately 17 per cent. The Board has also approved an amount for a further capital increase in the medium term. Along with the strategic investor, Tryg-Baltica, and the IO Fund, the capital increase totalled PLN 87.5 million (€21.3 million). Energo-Asekuracja S.A will manage its insurance and asset management operations in accordance with the EBRD’s environmental guidelines for investments in the insurance sector. None.