August 13, 2014

A consortium of West European investors, consisting of a Luxembourg-based investment fund and a number of private investors, acquired 100% of the share package in Ukraine's Insurance Company “Providna” CJSC, which belongs to the Russian insurance company "Rosgosstrakh", ITAR-TASS reported.

Willem Jacob Westerlaken, CEO of the Ukrainian insurance company's acquirer, has been appointed as the Chairman of the Supervisory Board of Closed Joint Stock Insurance Company "Providna". “A private company, owned and directed by me, currently acquires Ukraine's Insurance Company “Providna” CJSC in favour of a consortium of investors”, Willem Jacob Westerlaken said. Moreover, he noted that one of the key terms of transaction are investments in the company, implemented by the consortium through the purchasing of the newly issued shares in the amount of about UAH 200 million.

The transaction is due to close in the fourth quarter of 2014. The new ownership structure will be determined after the decision-making for the follow-on offering and awareness of investors with the insurer's financial position. “It is expected that Insurance Company “Providna” CJSC will start work in the new format and become the number one company in the Ukrainian insurance market by the end of 2015”, Willem Jacob Westerlaken added.

Closed Joint Stock Insurance Company "Providna" has been operating in Ukraine since 1995. This company is one of the largest insurance companies in the Ukrainian insurance market. The company's regional network consists of 25 branches, 25 customer service centers and more than 350 offices all over Ukraine. Following the results of 2013, the receipts of Insurance Company “Providna” CJSC are exceeded UAH 278 million, whereas such indicator in 2012 was equal UAH 268.9 million.

Join M&A Ukraine

Request membership to M&A Ukraine

  • Connect with members on M&A Ukraine who run, advise, finance, and acquire private companies
  • Find out about the latest Ukrainian M&A news, recent deals and historical M&A transactions with financials and exit multiples
  • Find new investments, partnership opportunities, funding, mergers and acquisitions deals in Ukraine

ASTAR SOLUTIONS