The shareholders of the VUSO insurance company have finalized the acquisition of UASK ASKA (operating under the ASKA brand) in order to create a major player in the Ukrainian capital insurance market.
“Despite the war and what appears to be a bad time to invest, we are determined to carry out our goal of merging the two companies. We believe in Ukraine’s victory and in its future! We hope that Ukrainians and Ukrainian companies will continue to use the services of VUSO as a large Ukrainian company. It is symbolic for us that the date of the transaction, as well as the date of the start of the association, being August 24 – the Day of Independence of our country!
Once the transaction is completed, it is planned to merge UASK ASKA and IC VUSO under a single VUSO brand by the end of 2022.
The future merger will strengthen VUSO’s presence in the commercial insurance segment thanks to ASKA’s long-standing relationships with large corporate clients.
The amount and terms of the agreement were not disclosed.
VUSO insurance company has been operating in the Ukrainian market since 2001. According to Insurance TOP, its assets as of December 31, 2022 amounted to 940.5 million UAH, insurance premiums for the 12 months of 2021 – 1.719 billion UAH (8th place in the ranking of insurers). Holds 50 licenses: 33 for voluntary insurance and 17 for compulsory insurance. The company specializes in car, medical and travel insurance for individuals and businesses, has more than 30 representative offices throughout Ukraine. He is a Member of ITIBU (since 07/22/01 – Full Member), the Nuclear Pool, participating in the Direct Settlement project. Member of the National Association of Insurers of Ukraine. The company has been assigned a financial stability (reliability) rating of uaАА. The shareholders of VUSO are the Altitude Fund, the ultimate beneficiaries are Mikhail Nazarchuk and Alexey Shuba.
UASK ASKA is the first independent private insurance company that appeared in Ukraine and has been operating for more than 30 years. It was included in the portfolio of the international investment company SCM.
At the start of 2022, ASKA had 2,900 companies and more than 200,000 private customers across Ukraine. He is a member of MTIBU, one of the founders of the Nuclear Pool. The insurer has a license to carry out insurance activities for compulsory insurance of civil liability of car owners (including green card). During his work, ASKA repeatedly made the largest payments in the history of Ukrainian insurance.