ASKA Ukrainian Join-Stock Insurance company offers services as a fronting company.
ASKA is active in placement of risks accepted and for 2010 has the following reinsurance program:
1.Property / CAR / EAR / Cargo / CPM / Agricultural Machinery per Risk / per Event Excess of Loss Reinsurance Treaty
Business Covered :
Private, Commercial, Municipal, Industrial Property, including Petrochemical enterprises subject to special exclusions as per property business
CAR / EAR and TPL section under CAR / EAR policies (based on Munich Re Rules; Faulty design is covered; MR CAR/EAR endorsements 115 and 004 are included hereunder; Guarantee maintenance period as regards CAR/EAR policies not to exceed 12 months),
Industrial CAR / EAR and TPL section under CAR / EAR policies (based on Munich Re Rules; Faulty design is covered; MR CAR/EAR endorsements 115 and 004 are included hereunder; Guarantee maintenance period as regards CAR/EAR policies not to exceed 12 months),
Cargo,
Agricultural Machinery,
CPM
Capacity of the reinsurance treaty:
Property - as per treaty limit- USD 25 000000 ;
CAR/EAR and TPL section under CAR/EAR policies combined USD 25,000,000
Industrial CAR/EAR and TPL section under CAR/EAR policies combined USD 15,000,000
Cargo - USD 5,000,000 ;
Agriculture Machinery insured on property rules during the storage could be included up to the sublimit of USD 500,000 any one risk / USD 1,000,000 any one event;
Contractor's Plant and Machinery (CPM) could be included up to the sublimit of USD 500,000 any one risk / USD 1,000,000 any one event.
Additional sections:
Inward facultative property reinsurances from the Ukrainian market can be included hereunder subject to sublimit of USD 3,000,000 any one risk on a Sum Insured basis
Inward facultative CAR/EAR reinsurances from the Ukrainian market can be included hereunder subject to sublimit of USD 3,000,000 any one risk on a Sum Insured basis
Inward facultative cargo reinsurances from the Ukrainian market can be included hereunder subject to sublimit of USD 1,000,000 any one policy/sending/declaration on a Sum Insured basis
ASKA's retention - USD 200 000 per each loss
Reinsurers:
HANNOVER Re (Germany, rating of Standard&Poors AA-) 70% of liability.
SCOR (France, rating of A.M. Best A-) 27% of liability.
Polish Re (Poland, rating of A.M. Best B+) 3% of liability.
2. The personal accident insurance contracts are reinsured on the surplus basis offering the capacity
depending on the type of currency as follows:
UAH 4 000 000 (ASKA's retention is UAH200 000)
USD 500 000 (ASKA's retention is USD25 000)
EURO 350 000 (ASKA's retention is EURO20 000)
Reinsurers:
Treaty leader is Munich Re (Germany,rating of Standard&Poors AA-) share 60%,
Russian Re (Russia, rating of A.M. Best B+) 20%,
Sava (Slovenia, rating of Standard&Poors A-) 10%,
Hannover Re (Germany, rating of Standard&Poors AA-) share 10%.
3. Third party liability quota share reinsurance treaty offers cover for insurance policies on General third party liability, product liability, employers liability, Professional Indemnity.
Treaty limit is USD 1 000 000.
ASKA's retention is 20%.
Reinsurers:
Treaty leader SCOR (France,rating of A.M. Best A-) share 40% of the treaty limit,
Hannover Re (Germany, rating of Standard&Poors AA-) share 32% of the treaty limit,
Polish Re (Poland, rating of A.M. Best B+) share 8% of the treaty limit.
4. Motor CASKO policies are protected on the basis of excess of loss.
Treaty limit is UAH 2 100 000.
ASKA's priority is UAH 700 000.
Reinsurer:
Gen Re (Germany, rating of Standard&Poors AAA).
5. Green card is protected by the obligatory non-proportional reinsurance contracts on XL basis with:
Treaty limit – EUR200 000
ASKA's retention – EUR100 000
Reinsurers' liability – EUR100 000
Reinsurers:
Unity (Russia) share of liability 25%
Rossiya (Russia) share of liability 40%;
Capital Re (Russia) share of liability 35%;
The liability in excess of EUR 200 000 is protected by the XL program arranged by broker AON for Ukrainian Motor Insurance Bureau.
6. Travellers abroad :
Cat XL reinsurance treaty.
Treaty limit per one event insured 800 000 $
ASKA's retention per one event insured 25 000 $
Liability limit of the reinsurer per one person insured 775 000 $
Reinsurer:
Russian Re (Russia,rating of A.M. Best B+)
7. Agricultural risks
protected subject to the following program:
Limit on agricultural crops:
5 000 000 $ per district
10 000 000 $ per region
Limit on livestock:
2 000 000 $ per a farm
5 000 000 $ per district;
25 000 000 $ all over Ukraine
in respect of cattle for fattener &commercial animals market value not exceeding USD 2 000 any one fattening animal or USD 10 000 any one breeding animal
in respect of pigs for fattener and any one breeding animal max. market value USD2 000.
in respect of horses: USD250 000 any one horse
Reinsurers (pool members share of the pool 17,5%):
ASKA's retention (leader of Ukrainian agricultural pool) 5,5%.
- Stroypolicy,
- Investservice,
- Illichovskoye,
- Pro100 Insurance
- Ukrainian Fire Insurance Company.
- ASKO-Donbass Severny
Reinsurers nonresidents have share 82,5%
Quota Share reinsurance Agreements are entered with:
- Swiss Re (Switzerland, rating of Standard &Poors A+ (share 50% );
- Hannover Re (Germany, rating of Standard&Poors AA-) share 27,5% ;
- Polish Re (Poland, rating of A.M. Best B+) share 5% .
Contacts:
Anna Butko – Deputy General director on Foreign Affairs&Reinsurance, phones in Donetsk: +38 0622 97 23 19, fax +38 062 382 81 91, E-mail: butko@aska.com.ua
Diana Safonova- Head of Foreign Affairs and Reinsurance Department
FINANCIAL INDICES
Dynamics of the basic financial parameters of Joint-Stock Company UASK ASKA (тыс.грн.)
Year
The authorised capital
Fixed assets
Balance profit
2011
174585
121644
411186
2010
174 585
124 501
50 820
2009
144 585
125 759
55 860
2008
104 585
109 749
76 979
2007
64 585
59 370
76 302
2006
64 585
57 607
74 719
2005
64 585
35 031
40 284
2004
52 585
31 058
28 983
2003
41 605
14 610
11 558
2002
30 191
9 728
11 415
2001
9 095
6 967
17 057
2000
9 095
5 136
2 192
BALANCE ON 01.01.2008 Y. (тыс.грн)
Active
On the beginning of the accounting period
On the end of the accounting period
I. NON-CURRENT ASSETS
Intengible assets
3 699
3 728
Construction in progress
621
624
Net fixed assets
121 644
120 410
Long term investments
11 629
11 629
Long term accounts receivable
-
-
Other non-current assets
274
248
Total non-current assets
284 584
277 716
TURNAROUND ACTIVES
Inventories
777
1 575
Trade accounts receivable (net realisable value)
5 896
1 834
Debts by calculations under the budget
77
64
Debts by calculations on the given out advance payments
3 895
1 659
Other current debts
11 129
11 777
Money resources and their equivalents in national currency
64 867
85 964
Money resources and their equivalents in a foreign currency
7 565
7 376
In total turnaround actives
95 825
112 053
EXPENSES OF THE FUTURE PERIODS
-
28
BALANCE
380 409
389 805
Passive
On the beginning of the accounting period
On the end of the accounting period
OWN CAPITAL
The authorized capital
174 585
184 585
The other additional capital
85 644
85 644
The reserve capital
4 369
4 369
Unallotted profit (the uncovered loss)
30 361
10 558
The withdrawn capital
0
0
In total on section I
294 959
285 156
MAINTENANCE OF THE SUBSEQUENT EXPENSES AND PAYMENTS
Maintenance of payments to the personnel
Insurance reserves
155 221
178 526
In total on section IІ
52 943
70 828
LONG-TERM OBLIGATIONS
Long-term credits of banks
1 550
1 314
In total on section IІI
1 550
1 314
CURRENT OBLIGATIONS
Creditor debts for the goods, works, services
10 346
8 000
Current obligations by calculations
113
80
In total on section IV
30 957
24 778
BALANCE
380 409
389 805
ASSETS
Dynamics of growth of the authorised capital (тыс.грн.)
Year
Sum
Indication
2011
174585
2010
174585
2009
144585
2008
104585
2007
64585
2006
64585
2005
64585
2004
52585
2003
41605
2002
30191
2001
9095
SECURING OF PAYING CAPACITY
Securing of Insurer's solvency as on 01.10.2011 (UAH'000)
Factual reserve of solvency
319 319,0
Standard reserve of solvency
48 863,0
Ratio of solvency
6,5
Amount of reserve of premiums unearned
123 355,8
The factual reserve of solvency of the company exceeds the standard value calculated
in accordance with requirements applied by Law of Ukraine 'Of insurance' by 3,22 times.
