Universalna Insurance Eyeing London IPO, Moving Into New CIS Markets

Alexander Pavlenko, CEO of Ukraine’s only listed insurer, Universalna Insurance (SKUN: HOLD), said yesterday that the company was looking into the possibility of holding an IPO in London at the end of 2009 or beginning of 2010. The size of the stake to be offered was not disclosed. In related news, Pavlenko said Universalna plans to enter the Belarusian and Moldovan markets by the end of the year through the purchase of controlling stakes in insurers already active in those countries. Alexander Viktorov: The amount the company plans to use (USD 50 mln) to purchase assets in Belarus and Moldova looks overambitious, we think the company is more likely to acquire a niche player in Ukraine. In Belarus foreigners are not allowed to hold more than a 49% stake in insurance companies and the Moldovan market is shallow.