The General Meeting of Shareholders of PJSC “Ukrainian joint-stock insurance company ASKA” (Zaporozhye) decided to terminate its activities by joining PJSC “Insurance company” VUSO “(Kyiv), according to the company’s information published in the information database of the NSMCC .
It is also specified that PJSC “UASK ASKA” is terminated as a legal entity. PJSC “IC” VUSO “according to the deed of transfer accepts the property, rights and obligations of the company and becomes the legal successor of “UASK ASKA”.
Common and preferred shares of PrJSC “UASK ASKA” are converted into common shares of PrJSC “IC “VUSO”. The placement of shares is carried out by converting shares of “UASK ASKA” into issued shares of PrJSC “IC “VUSO” for this purpose, and their distribution among the shareholders of PrJSC ” UASK ASKA” in the manner and according to the share conversion ratio specified in the Accession Agreement. The share conversion ratio is 1.0 (one).
As reported, the Antimonopoly Committee of Ukraine at a meeting on August 4, 2022 decided to grant Altituda Closed Non-Diversified Venture Corporate Investment Fund JSC (Kyiv) permission to purchase shares of PJSC Ukrainian Joint-Stock Insurance Company ASKA (Zaporozhye), which will ensure an excess of 50 % of votes in the supreme management body of the company.
Earlier, ZNVKF Altituda announced its intention to acquire 99.592891% of UASK ASKA. It was also specified that at present this fund does not own ASKA shares and has no affiliates. In general, we are talking about the purchase of 18 million 662.091 thousand common shares and 20.03 thousand preferred shares of ASKA.
As reported, at the end of November 2021, the investment company SCM Renata Akhmetova announced that preliminary agreements had been reached on the sale of UJSIC ASKA to shareholders of IC VUSO. On December 22, the National Bank approved Altitude’s purchase of 99.593% of ASKA shares, as well as 62.2156% of shares of PJSC ASKO-Donbas Severny Insurance Company (Druzhkovka, Donetsk region), in which 62.4699% belonged to ASKA.
UASK “ASKA” – the first private insurance company that appeared in independent Ukraine, has been operating for more than 30 years. It was 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).
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. The majority shareholder of the company is JSC “Closed Non-Diversified Venture Corporate Investment Fund “Altituda” (Kyiv).
Shareholders of the VUSO insurance company completed the purchase of UASK ASKA (operating under the ASKA brand) in order to create a major player in the insurance market with Ukrainian capital.
“Despite the war and what seems like a bad time to invest, we are determined to see our goal of merging the two companies through. We believe in the victory of Ukraine and its future! We hope that Ukrainians and Ukrainian enterprises will continue to use the services of VUSO as a large Ukrainian company. It is symbolic for us that the date of the transaction, as well as the date of the beginning of the association, is August 24 – the Independence Day of our country!
After the transaction is completed, it is planned to merge UASK ASKA and IC VUSO under a single VUSO brand by the end of 2022.
The future merger will increase VUSO’s presence in the corporate insurance segment through ASKA’s longstanding relationships with large corporate clients.
The amount and terms of the deal were not disclosed.
VUSO insurance company has been operating on the Ukrainian market since 2001. According to Insurance TOP, its assets as of December 31, 2022 amounted to UAH 940.5 million, insurance premiums for 12 months of 2021 – UAH 1.719 billion (8th place in the ranking of insurers). Holds 50 licenses: 33 for voluntary and 17 for compulsory types of insurance. The company specializes in motor, medical and travel insurance for private and corporate clients, has more than 30 representative offices throughout Ukraine. He is a Member of the ITIBU (since 07/01/22 – Full Member), the Nuclear Pool, a participant in the Direct Settlement project. Member of the National Association of Insurers of Ukraine. The company has been assigned a financial stability (reliability) rating of uaАА. The shareholders of VUSO are the Altitude Fund, the ultimate beneficiaries are Mikhail Nazarchuk and Alexey Shuba.
UASK ASKA is the first private insurance company that appeared in independent Ukraine and has been operating for over 30 years. It was included in the portfolio of the international investment company SCM.
At the beginning of 2022, ASKA had 2,900 corporate and more than 200,000 private clients throughout Ukraine. He is a member of MTIBU, one of the founders of the Nuclear Pool. The insurer has a license to carry out insurance activities for compulsory insurance of civil liability of car owners (including the Green Card). During its work, ASKA has repeatedly made the largest payments in the history of Ukrainian insurance.
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.
The National Bank of Ukraine (NBU) on December 22, 2021 allowed Altituda closed non-diversified venture corporate investment fund on behalf of, in the interests and at the expense of which PrJSC AMC Altera Asset Management operates, to directly acquire 99.593% of shares of PrJSC Ukrainian Joint-Stock Insurance Company ASKA (Zaporizhia), according to the website of the central bank.
According to the National Securities and Stock Market Commission, as of the third quarter of 2021, Altituda owns 66.0075% of the shares of PrJSC Insurance Company VUSO (Kyiv).
As reported at the end of November 2021, SCM investment company of Rinat Akhmetov announced that it had reached preliminary agreements on the sale of ASKA to VUSO insurance company. The completion of the transaction and the transfer of the corporate rights of ASKA to the buyer must be carried out after all procedures stipulated by the law, obtaining permits and approvals from the NBU.
On December 22, 2021, the NBU decided to cancel 34 licenses for insurance issued to ASKA on the basis of its application, except for the license for compulsory insurance of civil liability of land vehicle owners (OSAGO).
The company was engaged mainly in property types of insurance: property insurance, that against fire risks and risks of natural disasters, cargo and luggage and financial risks.
According to the statements presented by 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%.
At the same time, the company announced the presence of unfulfilled (overdue) obligations to policyholders (beneficiaries) and valid insurance contracts. At the same time, it provided information on the availability of formed insurance reserves.
ASKA is the first private insurance company that appeared in independent Ukraine, has been operating for over 30 years. It is part of the portfolio of the international investment company SCM.
PrJSC Insurance company VUSO (Kyiv) in January-June 2020 collected UAH 454.027 million of gross premiums, which is 2.52% more than in the same period in 2019, the rating agency Standard-Rating reports, confirming the company’s financial strength rating at “uaAA” on the national scale, based on the analysis of the company’s performance for the first half of 2020.
According to the agency report on its website, income from individuals increased by 23.53%, to UAH 323.406 million, and from reinsurers, on the contrary, decreased by 56.64%, to UAH 24.531 million. Thus, the share of individuals in gross premiums increased to 71.23%, while the share of reinsurers decreased to 5.40%, while individuals continue to prevail in the insurer’s client portfolio.
Insurance premiums sent to reinsurers for the first half of 2020 compared to the same period in 2019 decreased by 2.81%, from UAH 185.871 million to UAH 180.644 million. As a result, the coefficient of dependence on reinsurance companies decreased from 41.97% to 39.79%, or 2.18 percentage points.
The insurer’s business activity indicators in the period under review showed a growing trend: net premiums increased by 6.38%, to UAH 273.383 million, and premiums earned by 39.34%, to UAH 330.473 million.
For the six months of 2020 VUSO paid out to its clients UAH 16.846 million of insurance compensations, which is 35.57% more than the volume of payments for the same period in 2019. At the same time, the level of payments increased from 27.62% to 36.53%, or by 8.91 percentage points.
The company’s assets as of June 31 increased by 8.92%, to UAH 693.585 million.
VUSO insurance company (Kyiv) collected UAH 495.662 million of insurance premiums for January-September 2018, which is 40.13% more compared to the same period in 2017, the insurer said in a press release.
According to its data, the main gain compared with the same period last year was provided by voluntary medical insurance, auto insurance (KASKO and OSAGO), bank insurance for a total of UAH 358.71 million.
The most significant increase in premiums was recorded at the expense of KASKO program sales: for the nine months car owners purchased voluntary auto insurance contracts in the amount of UAH 129.456 million, which is 57.9% more than last year’s fees, OSAGO for UAH 107.631 million (21.84% more).
In addition, the company noted an increasing consumer interest in other types of insurance. In particular, the growth in voluntary medical insurance amounted to 34.07%, while those traveling abroad by 17%. At the same time, a significant share in the growth of sales for this type of insurance was that of online sales. The online insurance channel increased sales by 2.5 times.
The company also reports that during this period it paid customers UAH 143.641 million, which is 24.2% more than in the same period a year earlier.
VUSO insurance company has been working in the Ukrainian market since 2001. It owns 24 licenses: 16 for voluntary, and eight for compulsory insurance.
