OREANDA-NEWS. On 12 May 2009 was announced, that five years ago—April 27, 2004—the following executives of Oranta National Joint-Stock Insurance Company began their collaboration: Mr. Oleg Spilka, Chair of the Supervisory Board, Ms. Elena Bolotova, Board Chair, and Ms. Elena Pelepenko, First Deputy Chair of the Board.

The new management stabilized the company’s financial situation, implemented budget system, began to reform the inflexible mechanism of management and search for a strategic investor. Oranta, the backbone of the country’s socially significant industry, was privatized in 2007 due to its attractiveness for investment. The shareholders immediately increased the statutory capital of the company and approved the plan on structural changes and business expansion for the period 2004-2009. The company is currently successfully implementing this program.

Now Oranta is the largest insurance company of Ukraine’s classic insurance market. In 2008, the company collected the market’s record volume of insurance premiums, UAH 1,010 million, which exceeds the company’s volume of premiums in 2003 by 4.5 times (UAH 226.8 million). In 2008, the company settled losses to the total amount of UAH 399.5 and exceeded the amount of benefits paid in 2003(UAH 85.2) by UAH 314.3 million. The statutory capital has increased almost 8 times for 5 years and reached UAH 175 million in 2008. On April 17, 2009, the shareholders voted to increase the statutory fund by UAH 600 million.

Every year Oranta proves its leadership, innovation, responsibility as an employer, and stability. Ratings, awards and mass media publications are evidence of this. Oranta was repeatedly recognized as the leader in two nominations of the international Choice of the Year contest: Property Insurance Company of the Year and Motor Transport Insurance Company of the Year. Oranta took first place in the Insurance Company of the Year nomination of the 2008 MasterCard Bank of the Year contest. Oranta was also acknowledged to be the best employer among insurers according to the Best Insurer of Ukraine contest conducted by Korrespondent newspaper. Oranta is the most famous insurance company in Ukraine according to the rating of Delo newspaper and takes first place in the stability rating of insurance companies carried out by Expert-Rating rating agency.