Business news from Ukraine

EUROINS UKRAINE INSURER INCREASES PREMIUM COLLECTION BY 32%

PrJSC Euroins Ukraine Insurance Company for the seven months of 2020 attracted UAH 197.9 million of insurance premiums, which is 32% more than in the same period of 2019, according to a press release from the insurer.
The most popular types of insurance are KASKO with UAH 37.1 million, OSAGO with UAH 91.7 million, voluntary medical insurance with UAH 14.7 million.
In addition, it increased the volume of premiums for insurance against fire risks, accidents, property insurance and insurance of liability to third parties.
The volume of insurance payments by Euroins Ukraine from January to July 2020 amounted to UAH 62.6 million, in particular, UAH 20.5 million were paid under KASKO agreements, UAH 35 million for OSAGO, and UAH 5.4 million for voluntary medical insurance.
As of June 30, 2020, the company’s insurance reserves amounted to UAH 175.003 million, assets UAH 380.359 million.
According to data from chairman of the board Yanko Nikolov, which are given in a press release, in 2020 the company, following legal requirements, plans to increase insurance premiums to UAH 320 million.

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EUROINS INSURANCE GROUP ACQUIRES ERV

Euroins Insurance Group has notified ERV (Kyiv) about the acquisition of 9.473 million of its shares (99.99998%) for EUR 1.255 million.
According to a posting on the website of the Ukrainian insurance company, the stake was bought on October 1, 2018.
As reported, in April 2018, ERGO Group AG announced the sale of its Ukrainian company ERV to Euroins (EIG).
ERV on October 1, 2018 officially changed the shareholders. The supervisory board of the company was reshuffled.
The company retained the name European Travel Insurance and remained part of ETIG International Travel Insurance Group. The board and the whole team remained to work. The company continues cooperation with the assisting company of ERGO Group, Euro-Center Holding.
ERV Ukraine is still a specialized travel insurance company in Ukraine. The company hopes that in 2018, for the first time in 12 years of its work in the insurance market of Ukraine, it will insure more than one million tourists.

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BULGARIA’S EUROINS INSURANCE GROUP ACQUIRING UKRAINIAN TRAVEL INSURANCE BUSINESS OF MUNICH RE’S ERGO

Bulgaria’s Euroins Insurance Group (EIG), a large independent insurance group in the Central and Southeast Europe, is acquiring the Ukrainian travel insurance business of Munich Re’s Ergo – ERV Ukraine (Kyiv). “The companies have signed acquisition agreements. The deal is expected to be finalized after receiving approval by the regulatory authorities,” EIG said in a statement. The agreement provides for further cooperation between EIG and ERGO, including the transfer of know-how of ERV and the opportunity for EIG to sell travel insurance products under the ERV brand or a model of joint branding in Ukraine and other countries where EIG is present.
According to the release, ERV Ukraine is the second largest provider of travel insurance in Ukraine with a market share of 10.7%. In 2017, almost 627,000 customers were provided with the company’s services.
“The acquisition of the ERGO insurance business in Ukraine is in line with our strategy of expanding and diversifying our portfolio in Eastern Europe and strengthening our position as the leading insurance group in the region,” EIG said citing CEO Kiril Boshov.
According to him, ERV Ukraine will be kept as a separate company outside the Ukrainian EIG subsidiary Euroins Ukraine, in order to concentrate efforts on selling travel insurance products.
“We are very pleased that EIG has signed the acquisition agreement, including far-reaching sales cooperation, which helps us to enter new markets and make our sales even more powerful,” Chief Executive Officer of ERV Richard Bader, a travel insurance specialist at ERGO, said.

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