NU Online News Service, June 27, 10:25 a.m. — London
The German insurer Allianz AG plans to significantly expand its activities in Russia with the purchase of a 45% stake in ROSNO, the third largest Russian insurance company in terms of gross premiums written, with a total market share of approximately 6%.
With this step, Allianz will be the first international insurer to take a major stake in a leading Russian insurance company. In the future, Allianz will have an option to increase its stake in ROSNO, which does property-casualty business and roughly the same amount of life and health insurance markets, according to a representative of the Munich-based Allianz.
The parties involved in the deal have agreed not to disclose the financial details of the transaction, which is subject to approval by the relevant regulatory authorities in Russia, Allianz says.
The company expects the deal to be closed in September.
The Moscow-based ROSNO’s clients include large international corporations, Russian companies and individuals. The company had gross premiums of $311 million in 2000 and the number of clients grew by nearly 30% during that year, according to Allianz.