Insurer INGO Ukraine bought by businessman Yaroslavsky

DCH Group of Oleksandr YAROSLAVSKY is acquiring 25% of insurer INGO Ukraine's shares, reports Interfax-Ukraine, aiming to gradually further expand its ownership to 100%.

DCH said in a press release that the documents to buy 25% of shares in the company have been signed. The acquisition is subjected to official approval. The future strategy of DCH Group towards the asset aims at boosting the stake in the company to 100%.

" The economy must be boosted and money must be invested in the country. Foreign investors would not come if they do not see that there is life inside, if they see that Ukrainian business is investing, not running away," businessman YAROSLAVSKY stated for the local press.

The national commission for financial service markets regulation on March 21, 2017 permitted Lovington Holdings Limited (Cyprus) to acquire 24.99% of shares in INGO Ukraine. The regulator said that the shares were directly bought by the company.

Earlier Russia-based INGO international insurance group sold all its insurance assets in Ukraine: INGO Ukraine and INGO Ukraine Life. 14 European companies bought the companies of the group in Ukraine.

According to the 1H2016 data for the Ukrainian market, INGO Ukraine raked 8th in the local non-life insurance secotr, with GWP of EUR 15.4 million and an about 2.9% market share.

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