Globus and USG will merge into one company

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«Ukrainian Insurance Group» and insurance company «Globus», owned by the Austrian Vienna Insurance Group, will operate under one brand. The insurance companies «Knyazha» and «Knyazha Life» will continue to operate under their own brands.

«USG» is an active player in the CASCO» segment, and «Globus» is successfully operating in the «Green Card» segment. The merger of the companies will provide potential for growth, said Franz Fuchs, Member of the Board of the Vienna Insurance Group, to the «Financial Club».

The duration of the merger process of the two insurers is explained by the fact that the company «Globus» registered as a limited liability company, so first it needs to be re-registered as a joint-stock company, after which the legal merger process will be launched.

The first stage of the merger of the companies has already been completed - the merger of the central offices and back offices. The second stage - the legal merger of the two companies - is planned to be completed by 2021.

Vienna Insurance Group plans to buy another risk insurer in Ukraine within 2 years. - «We can buy another company and then we will develop three brands in Ukraine. "It will be a risky insurance company," said Franz Fuchs.

Currently, Vienna Insurance Group owns four insurers in Ukraine: "Knyazha", "Knyazha Life", "Ukrainian Insurance Group", "Globus".

Source: Forinsurer