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EBRD cooperates with UNIQA in Croatia's insurance sector
In support of the growing insurance sector in Croatia, the European Bank for Reconstruction and Development (EBRD) has taken a 20 per cent equity stake of HRK 10.0 million (EUR 1.3 million) in Austrija Osiguranje d.d., recently established by the Austrian company UNIQA Versicherungen AG.
"The establishment of a new insurance company by a major insurance group is strong evidence of the development of the insurance sector in Croatia," says Jonathan Woollett, Director for non-banking financial institutions at the EBRD. "The EBRD’s involvement in Austrija Osiguranje is a natural extension of our excellent cooperation with UNIQA Versicherungen AG."
The EBRD has been a minority shareholder in UNIQA’s Czech insurance business, Ceska Rakouska pojistovna, since the beginning of the year. The investment in Austrija Osiguranje d.d. was the second operation under a Multi-Project Facility for insurance business signed with BARC Versicherungs-Holding AG and Bundesländer Versicherungs AG, the successor group of UNIQA in March 1998.
Austrija Osiguranje will offer a range of life and non-life insurance products to individuals and corporates in Croatia. The EBRD’s investment will strengthen the capital base and support the expansion of Austrija Osiguranje. The project extends the shareholders' equity in the company to HRK 50 million (EUR 6.5 million).
UNIQA Versicherungen AG was created from the merger of BARC and Bunderländer. It is the second-largest Austrian insurance company and has a strong commitment to central and eastern Europe, with subsidiaries in the Czech Republic, the Slovak Republic and more recently in Croatia.
The EBRD has invested in the insurance and pensions sectors throughout central and eastern Europe, undertaking equity investments in Croatia, the Czech Republic, Estonia, Hungary, Poland and Russia.
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