Project detail - KIBELE B.V.


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Who is our client

Kibele is a special purpose vehicle that holds a non-life insurance company in Turkey. The company was taken over from Aviva Group Plc (a listed UK Insurance Company). The non-life Insurance company provides Casco, MTPL, Fire, Engineering, Marine Cargo and Non-Motor (Liability PI).

Funding objective

The funding objective is to support and develop a best practice, well-managed insurance company in a country where insurance penetration is extremely low. FMO funded the project together with EMF New Insurance Fund. EMF NEIF was set up to to invest in insurance in Eastern Europe. Our objective is to do co-investments with FMO's selected local partner. EMF NEIF needed partners to be able to take over this company.

Why we fund this project

Insurance helps to secure livelihood and alleviate poverty; it is often a next step in the development of emerging markets, taking off when a certain level of GDP has been reached.

Europe & Central Asia
Financial Institutions
Signing date
Total FMO financing
USD 0.69 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)