The financial era is over: NBU closes legendary insurance company
20 July 2025 05:17
On July 17, the National Bank revoked the license of the insurance company Kredo due to its non-transparent ownership structure.
This was reported by the NBU press service, "Komersant Ukrainian" reports.
Credo has almost two dozen co-owners with shares ranging from 0.7% to 10%. This method is used by financial institutions to avoid regulatory approval, the NBU explained.
The decision was made on the basis of the Law of Ukraine “On Insurance” and came into force on July 17, 2025, the day it was published.
The company lost the ability to enter into new insurance contracts or extend existing ones.
The NBU has appointed a temporary administration that will have to settle the obligations of IC Credo. The previous management of the company, headed by CEO Viktor Kryvtsun, was suspended from duty.
The company was prohibited from conducting any expense transactions, except for those necessary for the work of the interim administrator. Transactions with the company’s property are also prohibited.
As a reminder, Credo Insurance Company was founded in Zaporizhzhia in 1992 and was one of the first non-state companies in the Ukrainian insurance market. According to Credo’s latest financial statements, in the first three months of 2025, the company’s insurance premiums amounted to UAH 43 million, the value of assets was UAH 235.4 million, and insurance reserves amounted to UAH 96.5 million. The company’s market share in terms of insurance premiums amounted to 0.3%.
