FOR IMMEDIATE RELEASE:

PAUL GREGORY JOINS U.S.-UKRAINE BUSINESS COUNCIL (USUBC)
Independent insurance broker, advisor and consultant providing independent insurance solutions
Article: "A Note on the State of the Insurance Market in Ukraine."

U.S.-Ukraine Business Council (USUBC), Wash, D.C., Tue, June 29, 2010

WASHINGTON, D.C. - Paul Gregory, an independent insurance broker, advisor and consultant to corporations and high net worth individuals, New York,  NY, has been approved for membership in the U.S.-Ukraine Business Council (USUBC), the USUBC executive committee announced today on behalf of the entire USUBC membership of over 120 companies and organizations who have business operations, investments or other development programs in Ukraine.

Paul Gregory has functioned as an independent insurance broker and consultant since January 1985 and considers Ukraine and all the CIS countries as a priority area for him.  Paul maintains associations with several highly reputed insurance brokerage firms worldwide whom he works in tandem with  pertaining to each client's specific needs supported by his careful analysis. (See his article, "A Note on the State of the Insurance Market in Ukraine," published below.)

His main contribution lies in his ability to select the best suited brokerage firm and the specific individuals within to work with him to obtain terms and conditions, on behalf of his client for their ultimate approval.

Mr. Gregory also serves as an advisor to legal, accounting, insurance and investment banking firms pertaining to insurance practice development worldwide. He works with insurers seeking help with country penetration or development for business with various insurance brokers on a fee or success fee arrangement. He also identifies and participates in transacting mergers and acquisitions for brokers and insurers on a prearranged fee basis; ranging from flat fee to percentage success fee.

PAUL GREGORY....independent insurance solutions
"USUBC first became acquainted with Paul and his interest in Ukraine when he attended the Salans law firm (a member of USUBC) workshop,'Ukraine Revisited - A New Chapter on Investing,' held in New York City in May," according to Morgan Williams, director, government affairs, Washington office, for the SigmaBleyzer private equity investment management group who serves as president of the U.S.-Ukraine Business Council (USUBC).  

"Paul also attended the USUBC working luncheon 'Ukraine's Business, Economic & Political Landscape Today," held in New York City at the offices of DLA Piper law firm, on Friday, June 18. USUBC is most pleased to have an international insurance expert like Paul Gregory as a member.  USUBC looks forward to having Paul speak at future USUBC workshops and to write articles about the Ukrainian insurance market which would be published by
USUBC, " Williams stated. The first article Paul has written for USUBC members is found below.

Additional information about Paul Gregory, 370 East 76 Street, Suite A20004, New York, NY, and his work as an independent insurance broker providing independent insurance solutions can be found at www.PaulGregoryInsurance.com.
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A NOTE ON THE STATE OF THE INSURANCE PICTURE IN UKRAINE

Analysis and Commentary: by Paul Gregory
Principal, independent insurance solutions, New York, NY
U.S.-Ukraine Business Council (USUBC), Wash, D.C., Tue, June 29, 2010

NEW YORK -- A brief summary of the state of insurance placements by international insurance markets in Ukraine shows that Ukraine is fraught with financial difficulties and defaults which have considerably impacted the market.

The Political Risk Insurance (PRI) viability is an extremely difficult territory to even approach at the moment. The Lloyds Market's appetite, for one, is very limited due in no small part to the large number of losses incurred in 2009. .

DEFAULTS IN UKRAINE
In addition to the bank defaults, such as Nadra Bank, the steel sector was also badly hit by the liquidity crisis and the fall in commodity prices. This resulted in the likes of Donetsksteel and IUD (Industrial Union of Donbas) defaulting on their debt service obligations in respect of a number of Pre-Export Finance (PXF) transactions that were placed last year. The losses amounted to tens of millions of dollars during 2009 and continue this year.

Several insurance opportunities for Ukrainian fertilizer companies have caused a struggle just to generate more than minimal insurance market support. In short, any payment risks prove very difficult to place, unless one can provide suitable guarantees

POLITICAL RISK INSURANCE  - OPIC
In short the Political Risk Insurance (PRI) business in Ukraine would be close to impossible to place at this point in time. The sole opportunity in this category is the Overseas Private Insurance Corporation (OPIC) who are taking a relatively benign view, unlike the commercial market, because the United States government appears to have taken a political decision to back the government in Ukraine for a variety of reasons to basically reinforce the growth of business between the US and Ukraine.

When the requesting company in Ukraine for PRI insurance has exposures in various other locales the possibility of "bundling" the various risks has some possibility.

COVERING PHYSICAL ASSETS
On another insurance subject, there is an appetite though for covering physical assets especially through Lloyds and European insurers which is quite viable. There are also some major Continental insurers domiciled in Ukraine and accepting good business.

Ukraine is an emerging insurance buyers market for the better risk opportunities, and financially demonstrable companies. In due time positioning oneself in Ukraine as an insurance supplier will undoubtedly pay off in the future .

For additional information on this subject, data or otherwise please e-mail Paul Gregory.

CONTACT: Paul Gregory, PG@PaulGregoryInsurance.com; www.PaulGregoryInsurance.com
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USUBC MEMBERSHIP NOW OVER 120 AND STILL GROWING
One-Hundred Twenty Members, June 2010, Membership in January of 2007 was 22. 
The complete list of USUBC members can be found at: http://www.usubc.org/members.php.

SENIOR ADVISORS TO USUBC- 2010
[1]  Anders Aslund, Senior Fellow
Peterson Institute for International Economics, Washington, D.C.
 
[2]  Ariel Cohen, Ph.D, Senior Research Fellow
Allison Center for International Studies,
Davis Institute for International Studies,
The Heritage Foundation, Washington, D.C.
 
[3]  Keith Crane, Senior Economist
Rand Corporation, Washington, D.C.

[4]  James Greene, President
Effective Engagement Strategies, LLC, Washington, D.C.
Former Head, NATO Liaison Office Ukraine

[5]  Anatoliy Kinakh, Head
League of Industrialists and Entrepreneurs of Ukraine
Member of Parliament of Ukraine, Kyiv, Ukraine

[6]  David Kramer, Senior Transatlantic Fellow
The German Marshall Fund of the United States
Washington, D.C.
 
[7]  Leonid Kozachenko, President
Ukrainian Agrarian Confederation (UAC), Kyiv, Ukraine

[8]  William Green Miller, Senior Policy Scholar
Woodrow Wilson Center,  Washington, D.C.
Former U.S. Ambassador to Ukraine

[9]  Steven Pifer, Senior Fellow
The Brookings Institution
Senior Advisor, Russia & Eurasia Program, CSIS, Washington, D.C.
Former U.S. Ambassador to Ukraine
 
[10]  Dr. Edilberto Segura, Partner, Chief Economist
SigmaBleyzer Private Equity Investment Group
Chair of the Advisory Board of The Bleyzer Foundation, Kyiv, Ukraine
 
[11]  Keith Smith, Senior Associate
Europe Program, Center for Strategic and International Studies (CSIS)
Former U.S. Ambassador to Lithuania, Washington, D.C.  

[12]  William B. Taylor, Jr., Vice President, Peace & Stability Operations
United States Institute of Peace, Washington, D.C.
Former U.S. Ambassador to Ukraine

[13]  Damon Wilson, Vice President
Atlantic Council of the United States, Washington, D.C.

[14] James Wilson, Director
EU Ukraine Business Council (EUUBC), Brussels, Belgium

USUBC EXECUTIVE COMMITTEE OF THE BOARDOF DIRECTORS AND OFFICERS
For Year 2010 (http://www.usubc.org/excommittee.php)

[1]  Margarita Karpenko, Managing Partner
DLA Piper Ukraine LLC, Kyiv, Ukraine

[2]  Michael E. Kirst, Regional Vice President
Central/Eastern Europe and Russia
Westinghouse Electric Company, Brussels, Belgium

[3]  John R. Miller, Director,
International Business Development, Europe, Israel, Sub-Sahara
Raytheon International, Inc., Arlington, VA

[4]  Dr. Irina Paliashvili, President and Senior Counsel
RULG-Ukrainian Legal Group, P.A., Washington, D.C./Kyiv, Ukraine

[5]  Andrew A. Pidgirsky, Chairman, Board of Governors,
Ukrainian American Bar Association (UABA), Houston, TX

[6]  Samir B. Sahgal, Director, International Operations
Washington, D.C. Operations, The Boeing Company, Arlington, VA
            Treasurer, USUBC

[7] Diana Sedney
Manager, International Government Relations
Policy, Government and Public Affairs, Chevron Government Affairs
Chevron, Washington, D.C.

[8] John F. Steele, Director, International Government Affairs
Eli Lilly and Company, Washington, D.C.

[9] Vanessa Stiffler-Claus, Director, International Affairs
John Deere Public Affairs Worldwide, John Deere, Washington, D.C.

[10]  Patrick H. Sweet, President
Sweet Analysis Services, Inc. (SASI), Alexandria, VA

[11]  E. Morgan Williams, Director, Government Affairs, Washington Office
SigmaBleyzer Private Equity Investment Group, Washington, D.C.
           Chairman, Executive Committee, USUBC, President/CEO, USUBC

[12]  Van A. Yeutter, Vice President, Corporate Affairs
Cargill, Washington, D.C.

[13]  Jack I. Heller, Attorney at Law
Heller & Rosenblatt, Washington, D.C.
           Legal Counsel, USUBC