Dragon Capital, the investment company of businessman Tomas Fiala, is preparing to acquire Ukrainian insurance company Vuso, which is among the largest players in the non-life insurance market. According to market participants, the value of the potential transaction could range from $25 million to $35 million, while the asset’s valuation may increase to $40–50 million in the future.
Several sources in the financial and insurance markets told Forbes Ukraine that the transaction is at an advanced stage of preparation. The parties have not officially commented on the potential deal. Dragon Capital said it does not disclose information about potential projects before their official announcement, while Vuso Management Board Chairman Andrii Artiukhov declined to comment.
If completed, the deal would become the second major transaction in Ukraine’s insurance market in recent months. Earlier, Polish group PZU announced the acquisition of the Ukrainian business of U.S.-based MetLife, with the value of that transaction, according to market estimates, potentially exceeding $100 million.
Experts cite several possible reasons for Dragon Capital’s interest in the insurance business. One of them could be the subsequent resale of the asset after its value increases. Another possible reason is the diversification of the investment company’s financial portfolio, which already includes a banking asset — Unex Bank.
According to market participants, Vuso is one of the strongest insurers in Ukraine’s non-life segment, having managed to quickly restore operations after the start of the full-scale war and increase the volume of insurance premiums. The company has a diversified portfolio of insurance products and stable financial indicators.
The estimated potential value of the insurer is based on the size of its equity, the volume of collected insurance premiums and the profitability of the business. Under another methodology used in the sale of non-life insurance companies, the valuation may amount to 1.3–1.4 times the insurer’s equity, which corresponds to approximately $24–26 million.
Vuso Insurance Company has been operating in the Ukrainian market since 2001 and specializes in motor, health, travel and property insurance. At the end of April 2025, the National Bank of Ukraine included the company in the first list of the country’s significant insurers.
In the first quarter of 2026, Vuso ranked second in the market by net profit, which amounted to UAH 157.8 million. As of July 1, the company’s equity reached UAH 813.2 million, while insurance premiums amounted to UAH 1.3 billion, the sixth-highest figure among Ukrainian insurers.
Insurance claims paid under non-life insurance contracts in the first quarter amounted to almost UAH 600 million. The company’s client base includes around 2.5 million individuals and more than 4,000 corporate clients. Vuso’s network includes 34 representative offices, two branches and more than 20 agency sales centers across Ukraine.
The company’s ultimate beneficial owner and chairman of the supervisory board is Mykhailo Nazarchuk, who owns 48% of the insurer’s shares. In 2022, Vuso also strengthened its market position by acquiring insurance company ASKA, which had previously been part of Rinat Akhmetov’s SCM group.
The potential acquisition of Vuso could become one of the largest investment transactions in Ukraine’s insurance market in recent years and indicates growing investor interest in the country’s financial sector.
