EMF New Europe Insurance Fund Press Release


In June 2014 the EMF New Europe Insurance Fund agreed to acquire a majority stake in Retail Insurance Company over the course of two years through the subscription of shares in four tranches. The first tranche was invested in June 2014 with the second tranche currently planned for March 2015. Peter Lovas, EMF Capital Partners’ CEO, provides some insight into EMF Capital Partners’ rationale for making the investment into Retail.   Who are EMF Capital Partners?   “EMF Capital Partners is a private equity firm specialising in financial institutions in emerging markets. Our New Europe Insurance Fund invests in insurance and related industries with a primary focus on Turkey, Ukraine and Russia. We believe in the growth opportunity that the insurance sector offers in our target region. The Fund’s investors include leading Western European financial institutions, such as DEG and FMO.” Why invest in Ukraine? “Ukraine is one of our core markets and we have been looking to establish our presence here for some time now. We believe that there is the potential for tremendous growth in the Ukrainian insurance market which we find very attractive.  We have followed the events in Ukraine very closely over the past couple of years and decided to invest with our eyes open.“   Why Retail Insurance?   “Retail’s business model of direct distribution via phone and internet was particularly attractive. Providing the service directly to customers means that the company can ensure that the customers receive high level of service at competitive prices. We, as a shareholder, intend to maintain the focus on direct customer relationships in the future.  The direct relationship with our clients would give us good insights into customers’ needs and wants, which in turn will enable Retail to offer unique, innovative and customised insurance solutions. We believe our partnership with Retail will enable us to build a strong insurance company and strengthen its leading position in the direct insurance space."   What is the focus of the Fund’s investment?   “The Fund’s investment in Retail is aimed at providing strong capitalisation to facilitate the growth of the company. The main focus will be on the development of online sales of Retail Insurance, expansion of the call centre and increasing the company’s solvency ratios. We are also planning to invest in new product development, IT, marketing, staff and customer 



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