UNIQA takes over majority in Ukrainian company Credo-Classic

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UNIQA takes over majority in Ukrainian company Credo-Classic

UNIQA Group Austria is strengthening its involvement and acquiring a further 26% holding in insurance company Credo-Classic from its former shareholders.

UNIQA is therefore provisionally increasing its share in the sixth-largest Ukrainian non-life insurance company to 61%, and indirectly its holding in the life insurance company UNIQA Life (founded jointly with Credo-Classic) to over 80%.

The UNIQA Group had already taken over 35% of Credo-Classic in April 2006, and at that time agreed a stepwise majority takeover with the company’s shareholders. In the medium term, the UNIQA Group will continue to increase its participation in both Ukrainian companies.

Credo-Classic was founded in 1994, is a pure non-life insurance company and achieved a premium volume of around €29 million in the 2006 financial year. The premium volume increased by 21% in the first three quarters of 2007.

UNIQA Life was jointly founded by UNIQA and Credo-Classic and offers retail and corporate life-insurance.

Both companies have their headquarters in Kiev, employ around 700 employees and have a national sales network of approximately 70 offices. In addition to having its own field staff, the sales division is above all also supported by the collaboration with Raiffeisen Bank Aval and the cooperation with numerous brokers and agencies. The good positioning in the growth area of automobile insurance will be reinforced through partnerships with car dealerships and automobile clubs.

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