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Canadians want to buy one more insurance company in Ukraine

Author
Olga Shulga

Canadian Fairfax Financial Holdings Limited has applied to Ukraine’s Antimonopoly Committee (AMCU) with a request to provide permission to purchase Universalna insurance company, according to information on the agency’s website.

The purchase of shares of the insurance company is carried out through the "subsidiary" Fairfax — FFHL Group Ltd.

Moreover, the European Bank for Reconstruction and Development (EBRD) will buy more than 25% of the shares of the latter.

For Fairfax, the acquisition of Universalna Insurance Company will not be the first asset in Ukraine. Earlier in February 2019, the company already bought two of its Ukrainian subsidiaries, AXA Insurance and AXA Life Insurance, from the French AXA Group. Three years earlier, in 2016 Fairfax acquired 100% of the insurance company QBE Ukraine (and changed its name to Colonnade Ukraine).

Universalna was founded in 1991, The company specializes in providing services in the field of risk insurance, its regional network has more than 300 points. According to the results of the first half of 2019, the company collected UAH 490.3 million in gross insurance premiums (17.4% compared to the previous year) and paid UAH 127.2 million (+ 11.4%) to customers. The authorized capital of the company is UAH 192.7 million, with liquid assets of UAH 125 million (decreased by 32.7%). Deposits in the amount of UAH 293 million are on the company’s accounts.

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