By Nigina Mirbabaeva
Transaction brings international investment into Poland and supports innovative insurance solutions in the Polish market
The European Bank for Reconstruction and Development (EBRD) is supporting the growth of insurtech company Trasti in Poland. The Bank is providing a joint equity package of PLN 88.1 million or equivalent to €20.7 million(US$24.3million) alongside Slovenian-based insurance and financial group Triglav Group, one of the largest in southeastern Europe.
Trasti is a fast-growing insurtech company, engaged in distributing and underwriting motor insurance policies from Triglav. Its innovative business model offers a fully digital, fast and user-friendly process across the whole insurance value chain – from policy purchase to claims settlement – which, among other key benefits, enables a customer to obtain an insurance premium quote in under 10 seconds.
The equity investment will finance the future growth of Trasti’s digital business, including strengthening of its underwriting capabilities and onboarding new insurance partners as well as further expansion of Trasti’s product offering into property and casualty space. The investment will also support enhancement of Trasti’s technology and platform, improving the company’s operational efficiency.
As part of the equity agreement, Trasti will elevate its corporate governance standards, including introduction of IFRS accounting standard and improving its general reporting framework.
“Trasti is a prime example of a high-potential, tech-oriented company that we want to invest in Poland. We’re pleased to have been able to bring in an experienced international investor like Triglav on board through this transaction and are confident that our partnership will enable Trasti to mature into a market leader,” said Co-Head of Private Equity at the EBRD Tamas Nagy.
“As one of the fastest growing insurance intermediaries in Poland, Trasti is well positioned to drive further innovation, competition and better service delivery in the insurance intermediation segment in Poland. We’re proud to back its further growth,” said the EBRD’s Regional Head of Poland and the Baltic States Andreea Moraru,.
“Trasti is a modern, future-ready, digital insurer that, thanks to the technology and know-how of its team, is able to create local products based on universal processes – real improvements to the customer experience. The investment of the EBRD and Triglav is not only financial support for us, but also proof that our model works and works. We will use the funds raised for further bold innovations and questioning the usual patterns. Every day we ask ourselves not only if we can do something differently, but if we can do it completely anew,” said Chief Executive Officer of Trasti Janusz Wojtas,.
“Our strategic ambitions are focused on expanding beyond our existing markets and strengthening our international visibility. The promising Polish market offers a good opportunity for this, as we are working with our ambitious partner, Trasti, which successfully combines a modern, technology-driven approach with an in-depth understanding of the local market. Through this equity investment, together with the EBRD, we are supporting its further growth and strengthening our partnership,” said President of the Management Board of Zavarovalnica Triglav Andrej Slapar.
The EBRD is among the leading institutional investors in Poland. Since the start of its operations in the country in 1991, the Bank has invested more than €16 billion in 560 projects. Last year the Bank invested a record €1.4 billion in Poland.
