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Insurance company «Global Garant» entered into an agreement to purchase the corporate rights of the Insurance Company «British Auto Club». The transaction will be completed after receiving the necessary regulatory approvals.
Clients with valid insurance policies «British Auto Club» will continue to be served by IC «Global Garant».
Commenting on the agreement, Oleksandr Karelin, Director of IC «Global Garant», notes that the decision to acquire «British Auto Club» was strategic and aimed at expanding the market expansion of the existing company.
«We believe that the reform of state supervision of the non-banking financial sector creates the prerequisites for consolidation. Our company is determined to play an important role in this process. The acquisition of the insurance portfolio of «British Auto Club» has strengthened our position in the market. After the merger of the two companies, the business will continue to operate under the brand «Global Garant». As part of this agreement, we agreed that the brokerage department of British Auto Club will offer our insurance products to its club members and we will continue to cooperate with the powerful roadside assistance British Auto Club» - explained Oleksandr Karelin.
In addition, the director of IC «Global Garant» noted that in the near future the company should start selling third party liability insurance policies (TLIP).
In turn, the shareholders of «British Auto Club» announced that they decided to focus more on providing roadside assistance services and offer a wide range of insurance products, acting as an insurance broker.
Hans Beekmann, CEO of «British Auto Club» commented on the event: «We are extremely pleased that our clients have joined Global Garant, which has a reputation for being a reliable and professional insurance company. The sale of our insurance business is a logical step on the path of development. This gave British Auto Club the opportunity to be a completely independent service provider for the insurance industry of Ukraine. We already have a significant portfolio of corporate clients. The sale of the insurance company allows us to actively expand the assistance business and further improve the quality of services. The Ukrainian market is very receptive to innovative technologies in the field of roadside assistance, and we are fully focused on providing these services not only to insurance companies, but also to leasing companies, fleets, car manufacturers and importers, as well as on developing individual solutions for banks, gas stations and telecommunications companies.
Source: Press center of the "Global Garant" Insurance Company
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