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Report: Czech insurer EGAP sells assets, plans bond issuance due to Sovency II

Czech state-owned Export Guarantee & Insurance Corp., or EGAP, sold a 34% stake in insurer KUPEG Uverova Pojistovna AS as part of measures designed to meet the requirements of the Solvency II Directive, under which it will have to increase its capital to about 12 billion Czech koruny within five years, Lidovky.cz reported Dec. 20.

EGAP's head Jan Procházka said the stake was sold to Belgian company Credimundi for €6.1 million, according to the news source.

In order to fulfill the requirements of the EU directive, EGAP is also considering the issuance of bonds worth 2 billion koruny and launched a tender for the sale of a reinsurance portfolio worth over 10 billion koruny, Procházka was cited as saying.

The company would reportedly also like to sell a 16% holding in state-owned Ceská exportní banka a.s. to its shareholders or the bank itself. However, the divestment of the stake, valued at around 1 billion koruny, may not be possible, as it goes against the plans of the Czech government, which has been discussing various ownership options for the bank, including transferring it entirely to EGAP, the news report said.

As of Dec. 20, US$1 was equivalent to 26.03 Czech koruny.