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- EBRD and Fairfax co-invest in a new insurance holding in Ukraine
- Holding will own Arx Ukraine and the Insurance Company Universalna
- Partnership will contribute to sector competition
A new insurance holding company, FFH Ukraine, has been established in the Ukrainian insurance market. The EBRD is participating in this major development in the local non-banking financial sector by taking a 30 per cent stake in FFH Ukraine.
The remaining 70 per cent will be held by Fairfax Financials Holding (Fairfax) of Canada, a Toronto-based financial company active in property, casualty insurance and reinsurance, listed on the Toronto Stock Exchange.
The new holding company will own Arx Ukraine, the country’s leading domestic insurer recently acquired by Fairfax, and Insurance Company Universalna (Universalna), one of Ukraine’s top-10 non-life insurers, in which the EBRD has been a shareholder since 2011.
EBRD Managing Director for Eastern Europe and the Caucasus Matteo Patrone said: “This is the first time we and Fairfax join forces in Ukraine. This is a highly relevant project, which will contribute significantly to the development of the insurance market in Ukraine. The creation of this partnership is good news for the industry and for local clients in the country.”
The EBRD is the largest international financial investor in Ukraine. Since the start of its operations in the country in 1993, the Bank has made a cumulative commitment of almost €13.6 billion through 432 projects in the country.