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.
