Universalna Insurance to Increase Charter Fund by 18%

Universalna Insurance (SKUN: HOLD) announced its intention to vote for charter fund increase by UAH 18 mln (USD 3.56 mln) up to UAH 118 mln (USD 23.37 mln) at its AGM on December 21, reported Ukrainian News. Subscription will take place from January 28, 2008 to March 13, 2008. Universalna also said it is planning to conclude an agreement on a merger with Donetsk-based regional insurer Oradon on Dec. 19 and approve the deal at its AGM. In 1H07 Oradon reported gross written premiums of USD 3.6 mln, ranking it 54th in Ukraine. Oradon has 33 branches throughout Ukraine.