Ingosstrakh increases its stake in INGO Ukraine
Ingosstrakh has acquired 9.942% of INGO Ukraine from Ukraine Motor Carriers’ Association. In result, OJSIC Ingosstrakh and its subsidiary InVest Policy own 99.99% stake of INGO Ukraine.
On March 30, the appropriate changes were made to INGO Ukraine stakeholders’ register, managed by CJSC Transfert.
Tatyana Kaigorodova, Ingosstrakh chief of direct investments department, said that “decision to increase stake was connected to subsidiary’s long-term strategy on maximum management consolidation for achievement of corporate objectives. Ingosstrakh intends to position INGO Ukraine in the Ukrainian insurance market as a Top 3 universal insurer. In the short-term perspective, company will focus on development of mass property and liability classes. The Ukrainian insurance market is the second largest in the former USSR territory after Russia, and we believe in its prospective further growth.”
Established in 1994, JSIC INGO Ukraine (former Ostra-Kiev) in incorporated into INGO international group formed by OJSIC Ingosstrakh subsidiaries. INGO Ukraine is licensed for 40 voluntary and compulsory classes. Regional network includes 26 branches and over 150 client offices. In 2006, company collected $52.9 mln of premiums and paid $23.5 mln of claims.
OJSIC Ingosstrakh (www.ingos.ru) operates in the global and national insurance markets since 1947. The company is one of the leaders in the amount of voluntary non-life insurance premiums.
Ingosstrakh has been rated by Standard & Poor’s (ВВ+/Stable, or ruAA+ on the Russian scale), Moody’s Investors Service (Ba1/Stable), Moody’s Interfax Rating Agency (Aa1.ru on the national scale), and Expert RA (A++).
Ingosstrakh is licensed to perform all insurance classes (insurers’ specialty), stipulated by Article 32.9 of Insurance Law and reinsurance. Company has branches in 214 Russian cities. 14 rep offices and subsidiaries operate in neighboring and other foreign countries.
