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INTOUCH INSURANCE announces the Closing of the Transaction with the European Bank for Reconstruction and Development (EBRD) for Investment of EUR 14 Million In Return for 30% of the Company’s Share Capital
30% minus one share of iNTOUCH will be held by the EBRD
November 11, 2008Moscow,
INTOUCH INSURANCE announces that on October 31, 2008 it finalized its deal with the European Bank for Reconstruction and Development, which allowed the EBRD to acquire 30% minus one share of the company. After an additional share issue the share capital of INTOUCH INSURANCE will grow by 35,999,999shares (nominal value RUB 1 each).
At the moment the majority shareholder of INTOUCH INSURANCE is Dutch-registered INTOUCH Insurance Group B.V. After the completion of the deal the EBRD will become a new shareholder, also obtaining the right to nominate one director to the company’s board of directors. The bank will invest approx. 14 million euros in INTOUCH INSURANCE in Russia.
OJSC INTOUCH INSURANCE, the Russian subsidiary of INTOUCH Group, offers a full range of motor insurance products: mTPL and CASCO policies as well as additional services, such as CASCO with No Additional Documents, accident insurance for drivers and passengers, Car Recovery, Theft Insurance and others. INTOUCH INSURANCE is the first company to bring the new format of direct insurance to Russia. The key feature of the company’s services is its direct personal outreach to its clients involving no agents or other intermediaries.
About the companies
OJSC INTOUCH INSURANCE is part of Dutch-registered INTOUCH Insurance Group B.V., operates in Poland and the Czech Republic. The shareholders of INTOUCH Insurance Group B.V. are the world’s largest insurance company RSA Group (UK) and DIFI (Israel). RSA Group is one of the world’s leading multinational quoted insurance groups, with the capacity to write business in over 130 countries and with major operations in the UK, Scandinavia, Canada, Ireland, Asia, the Middle East and Latin America.
Direct Insurance Financial Investments Ltd (DIFI) has been on the market for over 13 years and was the first company to introduce direct insurance in Israel. DIFI is listed on Tel Aviv Stock Exchange.
INTOUCH INSURANCE has partnered with the European Bank for Reconstruction and Development (EBRD), one of Europe’s largest investors. The European Bank for Reconstruction and development has signed an agreement to invest in the company’s business and will become a partner to DIFI and RSA Group after the deal is finalized.
www.in-touch.ru, call-center: 8 (800) 555 00 55.
The European Bank for Reconstruction and Development was established in 1991. Today the EBRD uses the tools of investment to help build market economies and democracies in 29 countries from Central Europe to Central Asia.
The EBRD is the largest single investor in the region and mobilizes significant foreign direct investment beyond its own financing. It is owned by 61 countries and two intergovernmental institutions.
The EBRD provides project financing for banks, industries and businesses, both new ventures and investments in existing companies. It also works with publicly owned companies, to support privatization, restructuring state-owned firms and improvement of municipal services.
www.ebrd.com
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