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EBRD launches joint programme for insurance services and pensions in central and eastern Europe
To help meet growing demand for insurance services and pensions products in central and eastern Europe, a £26.3 million (ECU 39.8 million) multi-project facility (MPF) agreement was signed today by the European Bank for Reconstruction and Development (EBRD) and Royal & Sun Alliance Insurance Group plc, a leading international insurance group. Under the terms of the partnership, the EBRD will invest alongside Royal SunAlliance in projects developed by the Group in the insurance and pension sectors.
"This major programme builds on the EBRD's significant experience in the insurance and pension sectors," said Jacques de Larosière, the EBRD's President, at the signing in London. "As a financing vehicle, the MPF has proven a popular and effective instrument highly suited to the private insurance and pension sectors in central and eastern Europe. This will ultimately benefit the local capital markets, which will be strengthened by increased activity in this sector, furthering transition in these countries."
The facility will support Royal SunAlliance's investment programme in the non-life, life and health insurance and pension sectors. Roger Taylor, Royal SunAlliance's Executive Deputy Chairman, commented: "We believe there are significant business opportunities in central and eastern Europe which offer us sustainable growth and future profit. Through the EBRD's unparalleled network of offices, together with its influence in these countries, the Bank is uniquely placed to assist us in our search for suitable market segments and entry options. We look forward to contributing to the development of the insurance and pension sectors for the benefit of the people and businesses in the region."
The EBRD's experience in the insurance and private pension sectors is reflected in its eight signed investment projects, including equity stakes in life, non-life insurance and pension companies in the Czech Republic, Hungary, Poland and the Russian Federation as well as its participation in a recently established insurance sector fund operating in all of the EBRD's countries of operations.
Royal SunAlliance was created in 1996 when two of Britain's biggest insurance companies, Royal Insurance and Sun Alliance, merged to form one of the world's top ten international general insurance groups, covering risks in more than 120 countries. Royal SunAlliance is the biggest non-life insurer in the UK, one of the UK's top ten life and pensions companies and one of the UK's top ten fund managers.
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