IC “VUSO” Buys the First Private Insurer in Ukraine PJSC “ASKA”

by Meifan Honcharuk
Tuesday, November 23, 2021
IC “VUSO” Buys the First Private Insurer in Ukraine PJSC “ASKA”

As a result of M&A, it is planned to create a significant 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" (Zaporizhzhia).

The assets of VUSO and ASKA as of September 30, 2021, amounted to $33.7 million and $18.7 million, insurance premiums for January-September 2021 amounted to $46 million. (8th place in the ranking of insurers) and $31 million (13th place).

The merger of insurance companies

The head of the supervisory board of VUSO, Mikhail Nazarchuk, noted that after the merger of the companies, a player will appear on the Ukrainian insurance market, which will become one of the largest insurers in Ukraine. VUSO is showing growth in the retail segment. ASKA is traditionally strong in the corporate segment.

All obligations to ASKA's partners and clients will remain and be fully fulfilled (both during the transaction period 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 invest.com/investing-in-ukraine/business-opportunities/long-term-business/" rel="dofollow">long-term relationships between ASKA and large corporate clients and enter the green card international insurance market.

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

About VUSO and ASKA

  • The VUSO insurance company has been operating on the Ukrainian market since 2001. The company specializes in motor, medical, and travel insurance for private and corporate clients and has more than 30 offices. VUSO's shareholders are the Altitude foundation. The ultimate beneficiaries are Mikhail Nazarchuk and Alexey Shuba.
  • ASKA is the first private insurance company 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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