UKRAINE: VUSO acquires ASKA to create a major player in the insurance market

31 August 2022 — Marina MAGNAVAL
Shareholders of the VUSO insurance company (one of the top-10 in Ukraine) completed acquisition of UASK ASKA (operating under ASKA brand) in order to create a major player in the insurance market with Ukrainian capital, Forinsurer reports.

"Despite the war and this seemingly inopportune time to invest, we intend to complete our task of merging the two companies. We believe in the victory of Ukraine and its future! We hope that Ukrainians and Ukrainian enterprises will continue to use services of VUSO as a large Ukrainian company. It is symbolic for us that the date of the conclusion of the agreement, as well as the date of the beginning of the merge - August 24 - is the Independence Day of our country!", commented Mikhail NAZARCHUK, Chairman of the VUSO Supervisory Board.

The M&A agreement was announced at the end of November last year. After full registration, it is planned to merge ASKA and VUSO under VUSO brand by the end of 2022. The merger will expand VUSO's presence in the corporate insurance segment at the expense of ASKA's large corporate clients. The amount and terms of the deal were not disclosed.

Insurance company VUSO has been operating on the Ukrainian market since 2001. According to Insurance TOP, in 2021 the company ranked 8th on the market. It has 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. It is a member of the MTIBU, the Nuclear Pool, a participant in the direct settlement project. It is a member of the National Association of Insurers of Ukraine. The company has a financial rating of ua.

UASK ASKA is the first private insurance company that appeared in independent Ukraine and has been operating for over 30 years. It is a member of the MTIBU and one of the founders of the Nuclear Pool. The insurer has a license for mandatory insurance of civil liability of vehicle owners (including Green Card).

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