The majority shareholder of PrJSC Insurance Company VUSO (Kyiv) Closed Non-Diversified Venture Corporate Investment Fund Altituda JSC (Kyiv), whose beneficiaries are ex-member of the National Securities and Stock Market Market Mikhail Nazarchuk and Alexey Shuba, plans to acquire 99.592891% PJSC “Ukrainian Joint-Stock Insurance Company “ASKA” (Zaporozhye).
As stated in the message in the disclosure system of the National Securities and Stock Market Commission of PrJSC Asset Management Company Altera Asset Management, which manages the Altituda fund, at present this fund does not own ASKA shares and has no affiliates.
In general, it is about the purchase of 18 million 662.091 thousand common shares and 20.03 thousand preferred shares of ASKA.
As reported, even before the war, at the end of November 2021, the investment company SCM Renata Akhmetov announced that preliminary agreements had been reached on the sale of UASK “ASKA” to the shareholders of IC “VUSO”. On December 22, the National Bank approved Altitude’s purchase of 99.593% of the shares of ASKA, as well as 62.2156% of the shares of PJSC Insurance Company ASKO-Donbas Severny (Druzhkovka, Donetsk region), in which 62.4699% belonged to ASKA.
Altitude, in which Nazarchuk owned 31.693695% at the beginning of the year, Shuba – 21.129130%, 7.8249% was controlled by Viktor Aleshchenko, and another 39.352274% was not placed, owned 66.007486% of the shares of VUSO .
In addition, Nazarchuk directly owned 3.689926% of VUSO, and his wife Yana – 6.031608%, while Shuba – 6.924676%.
The wives of Nazarchuk and Shuba, Yana and Karina, were also co-owners of the AMC “Altera Asset Management” at the beginning of the year with stakes of 26.86% and 9.9%, respectively.
UASK “ASKA” – the first private insurance company that appeared in independent Ukraine, has been operating for more than 30 years. Included in the portfolio of the international investment company SCM. On December 22, 2021, the NBU decided to cancel 34 of its insurance licenses based on the application submitted by the company, except for the license for compulsory civil liability insurance of land vehicle owners (OSAGO).
According to the reporting submitted by UJSIC “ASKA” for the nine months of 2021, the volume of insurance premiums amounted to UAH 853.75 million, the value of assets – UAH 501.1 million, the market share in insurance reserves – 2.55%.
IC “VUSO” was founded in 2001. Currently owns 50 licenses: 34 – for voluntary and 16 – for compulsory types of insurance, represented in all regions of Ukraine. The Company is a member of MTIBU and UFS, a member of the Direct Loss Settlement Agreement and a member of the Nuclear Insurance Pool.
VUSO collected UAH 344.4 million in net premiums in January-March 2022, which is 1.1% more than in the same period a year earlier. The volume of payments to the IC decreased by 6.5% – to UAH 123.32 million.
Net profit increased compared to the first quarter of 2021 by 51.5% – up to UAH 51.66 million, the company’s assets reached UAH 969.23 million, shareholders’ equity – UAH 533.09 million, and cash and cash equivalents amounted to UAH 349. UAH 49 million.
