NEW YORK — February 28, 2005 – LAWFUEL – The Law News Network – Chadbourne & Parke represented PZU, the largest Polish insurance company, in the acquisition of the Ukrainian insurance group Skide-West.
The deal was announced on February 17, 2005. This transaction is significant because it involves the expansion of Poland’s largest insurance company into Ukraine, a further step in PZU’s planned regional growth.
Under an agreement signed in Kyiv, PZU took control over 100% of shares in the companies OJSC Skide West and Skide-West Life and thus controls the insurance group Skide-West.
The price of the acquisition was not disclosed.
Working on the deal for PZU were Chadbourne Kyiv office managing partner Jaroslawa Johnson, Kyiv international partner Volodymyr Baibarza and associate Anton Lymar, as well as Warsaw office partner Wlodek Radzikowski and London office partner David Levin.
The purpose of PZU’s investment is to gain a strong position on the Ukrainian insurance market, not only in the motor and transport insurance segment, but also in corporate and life insurance sectors. PZU intends to develop and strengthen the existing sales network throughout Ukraine. Using its experience, PZU intends to focus on development of insurance products sold in cooperation with banks (bancassurance).
Skide-West was established in 1993 in Lvov, and in 2000 it moved to Kyiv. Currently, it offers 46 types of voluntary and obligatory insurance products sold throughout Ukraine.
The PZU Group, apart from maintaining its dominant position in Poland, connects its development plans with the Baltic region, Ukraine and other Central European countries. In April 2004, PZU acquired 100% of shares in Lithuanian insurance companies owned by the Nord LB Bank, and previously (in February 2002), it acquired Lithuanian companies acting under the business name of Lindra.
About Chadbourne & Parke LLP
Chadbourne & Parke LLP, an international law firm headquartered in New York City, provides a full range of legal services, including mergers and acquisitions, securities, project finance, corporate finance, energy, telecommunications, commercial and products liability litigation, securities litigation and regulatory enforcement, white collar defense, intellectual property, antitrust, domestic and international tax, reinsurance and insurance, environmental, real estate, bankruptcy and financial restructuring, employment law and ERISA, trusts and estates and government contract matters. The Firm has offices in New York, Washington, D.C., Los Angeles, Houston, Moscow, Kyiv, Warsaw (through a Polish partnership), Beijing and a multinational partnership, Chadbourne & Parke, in London. For additional information, visit www.chadbourne
