GRAWE Concern has finalized its acquisition of Inpro Insurance Company, according to GRAWE’s national manager for Ukraine, Roman Denis.

“On Wednesday, at 4 p.m., the deal was closed, which means that the shares were transferred to our accounts. The buyers include several different companies, but they are all affiliated with GRAWE Concern,” Denis said.

He said that GRAWE had agreed to purchase 100 percent of Inpro’s shares, but that the purchase of a 10 percent stake would be delayed by three years.

“We are purchasing 100 percent of Inpro’s stock de facto, but the transfer of the last 10 percent will be delayed by three years. These shares will remain with Inpro’s board chairman [Dmytro Vankovych], so that the man has maximum motivation. We have already pledged to buy out these shares at a pre-determined price,” Denis said.

On April 10, 2008, UNIAN reported that Grawe Group had inked a deal to purchase the Lviv-based Inpro insurance company. The value of the deal was not disclosed.

UNIAN reference: Grawe Group has been active on the Ukrainian market since 1998. Until now, it has been operating exclusively in the life insurance sector.

In 2007, Grawe Ukraine held the second strongest position on the life insurance market. In the first quarter of 2008, it collected 27.4 million hryvnias in insurance premiums and paid 676,300 hryvnias of insurance indemnities. As of April 1, 2008, Grawe Ukraine’s assets were worth 115.09 million hryvnias, its insurance reserves stood at 128.2 million hryvnias, and its statutory capital was 26.9 million hryvnias.

ZAT Inpro Insurance Company was founded in 1992. It offers a variety of life, property and transport insurance. In 2007, the company collected 26.27 million hryvnias in premiums and paid 12.56 million hryvnias in compensations.