Generali Group Enters Ukraine.
13 June 2008
Italy’s Generali Group, one of the largest European insurers, signed an agreement with UkrAvto Group for the acquisition of 51% stake in Ukraine’s Garant Avto and Garant Life insurance companies. These companies operate in the non-life and life segments respectively. Garant Avto with USD 34.2 mln and Garant Life with USD 5.4 mln ranked #7 and #3 respectively in gross written premiums in 9M05. Concorde Capital: This is the third acquisition deal registered in Ukraine’s insurance sector this summer. Earlier in May, Austria’s Wiener Stadtische AG bought a 51% stake in Globus (#90 in Ukraine) and UNIQUA Group acquired 35% of Credo-Classic (#11). In addition, French BNP Paribas, is going to buy or create an insurance company by the end of the year, in order to strengthen its positions in Ukraine (BNP Paribas bought 51% of Ukrsibbank in December, 2005).
