LITHUANIA: Ukrainian insurer GUARDIAN gets new shareholder from Lithuania

21 March 2019 —
In March 2019, Ukrainian insurer GUARDIAN announced in a press release that Lithuania citizen, Arunas SIKSTA, was about to acquire the company as a new shareholder, the insurer said.

As the press release states, SIKSTA is a senior manager with thirty years of experience in banking, insurance and telecommunications. He has worked for AB Swedbank, whose representative office he headed in Lithuania, as well as for Norway's largest insurance company, GJENSIDIGE, where he served as Deputy Board Chairman.

SIKSTA was satisfied with the audit results of GUARDIAN. "My auditors provided enough information that I found to be satisfactory. According to the results of the financial statements, the company's performance is at the proper financial stability level, and the staff is highly qualified, according to figures. Based on this, I see no need to reform the company or make any rotations. All management, employees and branches will work in the same mode and composition. Our plans are only to expand and improve the quality of services for our clients," SIKSTA explained.

During his visit to Ukraine SIKSTA met with the Head of the National Commission for Financial Service Markets Regulation of Ukraine, Ihor PASHKO, and the President of the League of Insurance Organizations of Ukraine, Oleksandr FILONIUK, and expressed his confidence that GUARDIAN would be a worthy example of effective investments in the Ukrainian insurance market, and by providing services at a new level of quality it would increase customer confidence in this sector, Interfax-Ukraine News Agency wrote.

"Today, Lithuanian investment in the Ukrainian market is becoming more and more common, but not in such volumes and not in the insurance sector. You are the first and we are very pleased to be attracting such investors," PASHKO said to SIKSTA.

GUARDIAN has been working in the insurance market of Ukraine since 2007. Based on 3Q2018 market results, the company ranked 39th in terms of GWP and 42nd in terms of paid claims.