Vostok Capital LLC (Kyiv), the main shareholder of which is Fozzy Group, has announced its intention to acquire 4.762 million shares (with a par value of UAH 47.620 million) of Arsenal Insurance Company (Odesa), which is 80.741% of the charter capital of the insurer.
According to the information disclosure system of the National Securities and Stock Market Commission, at the time of submission and publication of this report, Vostok Capital and its affiliates do not own shares of Arsenal insurer.
according to the data of the unified state register of legal entities, individual entrepreneurs, the founders of Vostok Capital are PrJSC Fozzy Group, whose contribution is UAH 214.014 million, and Vermont closed non-diversified venture capital investment fund with UAH 214.014 million.
The charter capital of Vostok Capital is UAH 428.028 million.
Arsenal insurer was registered in 2005.
Fozzy Group is one of the largest Ukrainian retailers with nearly 690 points of sale throughout the country. As of 2019, the total area of its stores exceeded 1 million square meters. The company develops retail chains of various formats: Silpo supermarkets, Fozzy Cash & Carry wholesale hypermarkets, Fora convenience stores, Thrash! discounters, Bila Romashka pharmaceutical supermarkets, Ringoo personal electronics stores.
Brokbusiness insurer (Kyiv) in 2020 collected UAH 197.580 million of gross premiums, which is 6.48% less than a year earlier, the rating agency Expert-Rating reported on the confirmation of the financial stability rating of the insurer at the level “uaAA” on the national scale.
According to the agency, part of insurance premiums belonging to reinsurers increased by 2.59%, and their share in the structure of the company’s gross premiums increased by 0.78 percentage points, to 8.86%.
Brokbusiness made insurance payments and compensations in the amount of UAH 68.720 million, which is 24.35% less than in 2019. The level of payments of the insurer in 2020 decreased to 34.78%.
The company’s net worth as of December 31, 2020 increased by 10.03%, to UAH 91.2 million, the insurer’s liabilities increased by 6.49%, to UAH 138.21 million, the amount of cash and cash equivalents on the company’s accounts rose by 28.93%, to UAH 100.02 million.
The rating agency notes that the activity of Brokbusiness over 2020 was profitable, while in 2019 the company received net and operating losses. In particular, the financial result from the operating activities of the insurer for 2020 amounted to UAH 11.610 million, and its net profit to UAH 4.330 million.
As reported, Brokbusiness has been operating in the Ukrainian insurance market for over 25 years and is represented in all regions of Ukraine. The insurer has 39 licenses for voluntary and compulsory types of insurance.
Universalna insurance company (Kyiv) in 2020 collected UAH 813.184 million in net insurance premiums, which is 5.5% more than in 2019, according to the website of the Standard-Rating agency.
The agency has affirmed the financial reliability/credit rating of the insurer at “uaAA +” guided by the results of 2020.
According to the report, the volume of gross premiums of the insurer in 2020 amounted to UAH 953.829 million, which is 0.44% higher than the volume of premiums in 2019. At the same time, receipts from individuals increased by 5.93%, to UAH 357.918 million, while receipts from reinsurers decreased by 43.14%, to UAH 1.668 million.
It is noted that, despite the increase in premiums from individuals and an increase in their share in gross premiums, legal entities continue to prevail in the company’s client portfolio. In particular, for the year the largest part (more than 48%) came from insurance of land transport (except for railway).
Insurance payments to reinsurers in 2020 decreased by 21.36% compared to the same period in 2019, to UAH 140.645 million, and the ratio of their participation in insurance premiums decreased by 4.08 percentage points (p.p.), to 14.75%.
Last year, Universalna insurer made insurance payments and compensations for UAH 298.370 million, which is 42.31% less than in 2019. As a result, the level of payments decreased by 23.18 p.p., to 31.28%.
The financial result of the insurer’s operating activities amounted to UAH 66.519 million versus a negative result in 2019. Net profit increased to UAH 72.077 million, which is 12.98 times higher than it was in the previous year.
The company’s assets by December 31, 2020 increased by 9.64%, to UAH 1.131 billion, equity capital by 25.44%, to UAH 355.368 million, liabilities by 3.66%, to UAH 775.508 million, and cash and cash equivalents decreased from UAH 129.549 million to UAH 73.952 million (by 42.92%).
As of the indicated date, the company formed a portfolio of bank deposits in the amount of UAH 450.208 million, and the insurer invested UAH 54.476 million in government domestic loan bonds.
As of the end of 2020, cash and cash equivalents covered 9.54% of the company’s liabilities, liquid assets covered 74.61% of liabilities, and the coverage ratio of liabilities by equity capital was 45.82%.
Universalna insurance company was founded in 1991. It specializes in providing services in the field of risk insurance. It offers services in 42 types of insurance. It has the regional network of more than 300 points of sale throughout Ukraine.
Astrum Ukraine LLC, which owns 99% of the shares of Forte Life insurance company (Kyiv), has reduced its stake to zero, according to the official information of the insurer.
It is noted that Oksana Kuleshina became the owner of 99% of the shares of the insurance company.
According to the unified state register of legal entities and individual entrepreneurs, Kuleshina is the ultimate beneficiary of Astrum Ukraine LLC.
Forte Life (formerly Insurance Union Life), registered in 2005, specializes in providing services in the field of life insurance.
TAS Insurance Group (Kyiv) in the last month of 2020 paid out UAH 95.23 million of compensation under concluded insurance contracts, which is 29.4% more than in December of the year before last, according to the insurer’s website.
More than a third of all payments for the reporting month (39.18%) fell on OSAGO – UAH 37.31 million, which is 58.6% higher than the corresponding figure for the same period in 2019.
The second place in the December portfolio of the company’s payments with a share of 26.76% is occupied by KASKO: under such insurance contracts, UAH 25.48 million was reimbursed, which is 18.2% more than in December 2019.
Payments under voluntary medical insurance contracts increased even more – by 60.6% – under which UAH 17.61 million was reimbursed during the last month of 2020, which is 18.49% of the insurer’s total payments for the reporting period.
As for Green Card policies, TAS paid UAH 12.98 million in January, which is 13.63% of the total amount of the insurer’s indemnities for the month.
Under other insurance contracts in December last year, the company paid UAH 1.85 million in compensation.
TAS Insurance Group (Kyiv) in January-November 2020 paid UAH 792.37 million of insurance claims under concluded insurance contracts, which is 21.27% more than in the same period a year earlier (UAH 653.38 million).
According to the insurer’s website, in particular, the company reimbursed UAH 291.66 million under OSAGO policies, which is 36.81% of the total payments for the reporting period and is 11.9% more than the corresponding figure for the 11 months of last year.
The second place in the portfolio of the company’s payments with a share of 30.79% is taken by KASKO: under land transport insurance contracts, TAS paid UAH 244.01 million, which is 42.5% more than was paid in January-November 2019.
Under Green Card policies, TAS Insurance Group reimbursed UAH 123.78 million over the 11 months, which is 15.62% of the total amount of the insurer’s payments and is 28.1% more than this figure for January-November last year.
The volume of payments under voluntary medical insurance contracts increased even more (by 52%) over the year: UAH 107.7 million of compensations were paid under them. Thus, the share of voluntary medical insurance in the insurer’s payment portfolio amounted to 13.59%. In January-November, the company paid out UAH 5.49 million under property insurance contracts. During the reporting period, UAH 19.73 million of compensation were paid under other insurance contracts.
