March 22 Ukrainian state postal enterprise Ukrposhta announced its intention to conclude a contract with IC European insurance alliance (Kyiv) for compulsory civil liability insurance of vehicle owners (MTPL).
As reported in the system of electronic public procurement Prozorro, the price offer of the company amounted to 249.472 thousand UAH with an expected cost of purchasing services at the tender 1.007 million UAH.
Five insurance companies took part in the tender. The finalists besides IC “ESA” were IC “Krajina” with the price offer of UAH 444,648 thousand and IC “Guardian” with UAH 294,473 thousand.
PrJSC European Insurance Alliance was founded on September 22, 1994.
Authorized capital makes UAH 55 mln.
The company is member of the Motor (transport) Insurance Bureau of Ukraine, member of the Agreement on direct settlement of losses and member of the Nuclear Insurance Pool of Ukraine.
On February 9, Khmelnytskyi communal enterprise “Elektrotrans” announced a tender for voluntary civil liability insurance for owners of land transport and compulsory civil liability insurance for owners of land vehicles (MTPL), according to the electronic public procurement system Prozorro.
In addition, the lots were announced for compulsory insurance against accidents in transportation, compulsory insurance services for departmental and rural fire departments and members of volunteer fire brigades.
The expected cost of purchasing services is 690 thousand UAH.
The security of the tender offer is not required.
The deadline for submission of bids is February 17.
The contract on the merger of UJSIC “ASKA” (Zaporizhzhia) to IC “VUSO” (Kiev), as well as the relevant transfer act is planned to approve the shareholders of IC “VUSO” at the meeting on March 14 of this year, reported in the agenda of the shareholders’ meeting, placed in the information base of the National Commission on Securities and Stock Market (NSCBM).
It is also planned to consider the issue of approval of the decision on the issue of shares for the purpose of converting the shares of UASKA to the shares of VUSO Insurance Company, to which the accession is carried out.
As reported, at the end of November 2021 Renat Akhmetov’s investment company SCM reported reaching preliminary agreements on the sale of UJSIC “ASKA” to shareholders of IC “VUSO”. The National Bank on December 22 has agreed the purchase of 99,593% of “ASKA”, as well as 62,2156% of the shares of Private JSC “Insurance company “ASKO-Donbass North” (Druzhkovka, Donetsk region), in which 62,4699% belonged to “ASKA”.
UJSIC “ASKA” is the first private insurance company which has appeared in independent Ukraine, and has been working for already more than 30 years. It belonged to the portfolio of international investment company SCM. On December, 22nd, 2021 NBU decided to cancel 34 its licenses for insurance, except the license for obligatory insurance of civil liability of motor vehicles owners (OSAGO) on the basis of the submitted application.
IC “VUSO” was founded in 2001. Nowadays it owns 50 licenses: 34 – for voluntary and 16 – for compulsory types of insurance. It is represented in all regions of Ukraine.
In January-September 2022, PJSC Insurance Guarantees of Ukraine (SGU) collected UAH 339,000 of gross premiums, which is 92.8% less than in the same period in 2021, follows from the information of the Expert Rating rating agency on confirmation financial strength rating of the insurer/credit rating on the national scale at the level of “uaAA” based on the results of its work for the specified response period.
At the same time, it is noted that the decrease in the insurer’s gross premiums in the analyzed period of 2022, among other things, is associated with the specialization of PJSC “SGU” in cargo insurance and with a significant reduction in the transportation of those in need of insurance due to the Russian attack and the introduction of martial law in Ukraine.
As of September 30, 2022, the company’s equity increased by 0.24% to UAH 37.47 million, while its gross liabilities increased by 17.66% to UAH 19.09 million. As a result, there was a decrease in the ratio between equity and liabilities by 34.13 percentage points. up to 196.31%.
The volume of cash and cash equivalents on SGU accounts amounted to UAH 50.03 million, and the level of cash coverage of the insurer’s obligations decreased by 20.23 percentage points. up to 262.15%.
The company’s financial results for the first nine months of 2022 improved compared to the same period in 2021. In particular, for the first three quarters of 2022, the insurer received a net profit of UAH 0.26 million compared to a loss for the nine months of 2021, and the amount of damage from operating activities also decreased.
The RA notes that, according to the reporting provided by the insurer, as of September 30, 2022, the company complied with the criteria and standards established by law for solvency and capital adequacy, liquidity, profitability, asset quality and riskiness of the insurer’s operations.
PrJSC “SGU” was registered in November 2005. It has licenses to carry out 15 types of insurance activities, including four – for the implementation of compulsory types of insurance, 11 – voluntary insurance.
TAS Insurance Group (Kyiv) in October paid 33.6% less insurance claims under concluded insurance contracts than in October a year earlier – UAH 63.25 million against UAH 95.24 million, respectively, according to the insurer’s website.
At the same time, almost a third of all payments by the insurer in October – 30.12%, or UAH 19.06 million – fell on CASCO, 44.9%, or UAH 28.4 million – on OSAGO.
Under the Green Card policies, UAH 4.11 million, or 6.5% of the company’s total payments in October of this year, were reimbursed.
At the same time, the share of VHI, for which UAH 9.56 million was paid in the reporting month, amounted to 15.12% in the company’s payment portfolio for this period.
Under other insurance contracts, IG “TAS” paid UAH 2.12 million in October.
On November 11, the National Bank of Ukraine included London Marine Insurance Services Limited to the State Register of Insurance and Reinsurance Brokers, according to the regulator’s website.
It is noted that the NBU has excluded the credit union Center for Financial Services (CFS) from the State Register of Financial Institutions due to the cancellation of all of its licenses for activities in the provision of financial services.
As reported, the licenses were revoked on September 30, 2022 in connection with the decision to terminate the activity of this company by merging with the credit union “SuperCredit”.
As of October 1, 2022 the assets of CC “CFP” was 15,897,15 million UAH (1% of the total market of credit unions), liabilities – 12,253 million UAH (1.4% of the total market of credit unions), including 10,658 million UAH – liabilities to union members in the form of deposits of CC members on deposit accounts.
INSURANCE, London Marine Insurance Services, NATIONAL BANK, reinsurance brokers
