Skip to content

Canadian Fairfax becomes the 100% owner of Ukrainian insurers—ARX, ARX Life, and UNIVERSALNA

Canadian Fairfax becomes the 100% owner of Ukrainian insurers ARX, ARX Life, and UNIVERSALNA

The Canadian group Fairfax Financial Holdings has completed a deal with the European Bank for Reconstruction and Development (EBRD) and has become the 100% owner of Ukrainian insurance companies—ARX, ARX Life, and UNIVERSALNA. On January 24, 2025, Prasun Singhal resigned from the supervisory board of ARX.

Fairfax Financial Holdings has finalized a shareholder agreement with the European Bank for Reconstruction and Development, acquiring full ownership of three Ukrainian insurance companies—ARX, ARX Life, and UNIVERSALNA.

On January 22, 2025, Fairfax Financial Holdings, which held a 70% stake in FFH Ukraine (a limited liability company controlling three insurance companies in Ukraine—two non-life insurers and one life insurer), acquired EBRD’s 30% stake. Previously, 70% of FFH Ukraine was owned by FFHL Group Ltd., which is fully controlled by Fairfax Financial Holdings.

EBRD transferred its 30% stake to FFHL Group, increasing its ownership in FFH Ukraine from 70% to 100%.

As a result, FFH Ukraine now owns 99.999998% of UNIVERSALNA, according to the disclosure system of the National Securities and Stock Market Commission of Ukraine. Similar changes occurred in the capital structure of ARX, where FFH Ukraine now holds 99.999992%, and in ARX Life.

Following these changes, Fairfax has become the sole owner of UNIVERSALNA, ARX, and ARX Life.

As of 2024, the market share of Fairfax’s insurance companies—UNIVERSALNA, Colonnade, and ARX—in Ukraine’s non-life insurance sector reached 14%, according to Forinsurer statistics.

Fairfax was founded in 1985 by its current Chairman and CEO, V. Prem Watsa. The company is headquartered in Toronto, Canada, and is listed in the Fortune Global 500 ranking, which recognizes the world’s largest companies by revenue.

“Fairfax successfully adapts to global market challenges while supporting its subsidiaries in their efforts to achieve the highest standards in the insurance industry,” the company stated.

For reference, in February 2019, the French insurance group AXA Group completed the sale of its Ukrainian insurance business to Fairfax Financial Holdings. The deal included AXA Insurance and AXA Life Insurance, which were later renamed ARX and ARX Life.

In November 2019, Fairfax acquired UNIVERSALNA from the founder of the Galnaftogaz group, Vitaliy Antonov. At that time, EBRD was a minority shareholder in the company.

Since then, all three insurers have been part of FFH Ukraine, where EBRD previously held a 30% stake, while Fairfax controlled 70%.