Business news from Ukraine

GLOBUS (PART OF AUSTRIA’S VIENNA INSURANCE GROUP) SEES 16% RISE IN PREMIUM COLLECTION IN UKRAINE

Kyiv-based Globus ALC through January-June 2019 collected UAH 241 million in insurance premiums that is 16% more than over the same period a year ago.
As the company said on its website, through six months of 2019 it signed 23,621 insurance agreements and paid UAH 44.3 million in claims.
As of June 30, 2019, charter capital of Globus was UAH 69.40 million, assets totaled UAH 541.1 million, insurance reserves made up for UAH 389.7 million.
Globus Additional Liability Insurance Society was established in 1994. Since 1994, it has been a member of the League of Insurance Organizations of Ukraine (LIOU), an associated member of the Motor Transport Insurance Bureau of Ukraine (MTIBU) since 1999, a full member of the MTIBU since 2005, a member of Ukrainian League of Industrialists and Entrepreneurs of Ukraine (ULIE) since 2003.
Globus is a part of Austria’s Vienna Insurance Group.

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UKRAINIAN INSURANCE GROUP AND GLOBUS INSURER TO MERGE

Ukrainian Insurance Group and Globus Insurance Company (both based in Kyiv), that are members of Vienna Insurance Group, plan to complete the merger and become a single legal entity at the end of 2021, Head of Ukrainian Insurance Group Pavlo Nelha has said at a press conference.
“In fact, the process of merger, taking into account the peculiarities of Ukrainian legislation, is not fast, not easy, and we are ready for it. Our plan is to have one legal entity and unite the balance sheets of the insurance companies by the end of 2021,” he said.
He said that one of the reasons for such a long period of consolidation is different organizational forms of the companies as Ukrainian Insurance Group is a joint-stock company, while Globus is an additional liability company.
“To date, the stage of combining the networks and offices has already been completed. We approached the second stage – a legal merger of the two companies, in fact, the merger of the balance sheets,” Nelha noted.
Ukrainian Insurance Group has been operating in the market for over 18 years. It has 30 licenses for voluntary and compulsory types of insurance. The regional network has more than 80 offices throughout Ukraine. The company employs more than 500 people.
Globus insurer has been operating in the market for more than 24 years. It HAS 19 licenses for different types of insurance.

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