VUSO insurance company acquires the first private insurer in Ukraine ASKA

VUSO insurance company acquires the first private insurer in Ukraine ASKA

As a result of the transaction, it is planned to create a major player in the insurance market with Ukrainian capital under a single brand VUSO

As stated in the press release of IC "VUSO" (Kyiv), the company's shareholders have reached a preliminary agreement on the purchase of the Ukrainian joint-stock insurance company "ASKA" (Zaporizhia).

According to Insurance TOP, the assets of VUSO and ASKA as of September 30, 2021 amounted to UAH 903 million and UAH 501.2 million respectively. Insurance premiums for January-September 2021 amounted to UAH 1.24 billion (8th place in the ranking of insurers) and UAH 853.8 million (13th place) respectively.

The head of the supervisory board of VUSO, Mikhail Nazarchuk, noted that after the merger of the companies, it will lead to the appearance of a major player on the Ukrainian insurance market, and will become one of the largest insurers in Ukraine. IC VUSO is showing growth in the retail segment, while ASKA is traditionally strong in the corporate segment.

According to the message, after the completion of the transaction, it is planned to merge "ASKA" and "VUSO" under a single brand VUSO. All obligations to the partners and clients of ASKA will remain and will be fulfilled in full (both during the period of the transaction and after the merger). The combined company will maintain the current ASKA services and expand the range of services for clients.

The future merger will make it possible to increase VUSO's presence in the corporate insurance segment through long-term relationships between ASKA and large corporate clients, as well as to enter the Green Card international insurance market.

The amount and terms of the deal were not disclosed. Completion of the M&A will be announced later.

The VUSO insurance company has been operating in the Ukrainian market since 2001. The company specializes in motor, medical and travel insurance for private and corporate clients. It has more than 30 offices in Ukraine. The VUSO shareholders are the Altitude Foundation, the ultimate beneficiaries are Mikhail Nazarchuk and Alexey Shuba.

ASKA is the first private insurance company that appeared in independent Ukraine and has been operating for over 30 years. It is part of the portfolio of the international investment company SCM.

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