January 17, 2014

According to the "Capital", IC "Universalna" will be part of an insurance group Vienna Insurance Group. It is expected that the transaction will amount to USD 25 to 30 million.

Presumably the purpose of the purchase is to increase the market share in Ukraine as the IC "Universalna" is in the top-20 insurance companies in Ukraine. During the first 9 months of 2013 the IC "Universalna" has collected UAH 203 million of premiums. It is predicted that after the acquisition, Vienna Insurance Group will be the first in terms of premiums received in Ukraine, having overtaken the market leader IC "AXA Strakhovaniye" (UAH 569 million of premiums for three quarters of the last year).

Vienna Insurance Group already has a number of insurance companies in Ukraine. Vienna Insurance Group has come in the Ukrainian insurance market in 2003 by buying a life insurance company "Jupiter". Austrians also purchased IC "Kniazha", "Globus", "Ukrainskaya strakhovaya gruppa", and "VAB".

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