Business News
Zurich insurance group expands Russian operations
Feb 14, 2007, 9:19 GMT
Zurich - The Swiss insurance group Zurich Financial Services (ZFS) announced Wednesday that it has agreed to purchase a majority stake in NASTA Insurance Company, which has its headquarters in Moscow.
The transaction gives Zurich a 66-per-cent share in NASTA and an agreed path to 100-per-cent ownership by 2010. Both parties have agreed not to disclose the price of the transaction.
In combination with Zurich's existing Russian businesses, this acquisition positions NASTA as the largest foreign general insurer in the Russian market.
With over 140 million consumers, Russia represents the largest potential personal insurance market in Europe.
NASTA is a leading personal insurer in Russia, with approximately 230 million dollars of gross written premiums in 2006, and a strong record of growth in each of the past five years.
NASTA has more than 3,000 employees and approximately 3,500 tied agents as well as an extensive distribution network, with 67 branches and over 300 representative offices across Russia.
Zurich has been active in the Russian market for 10 years, steadily expanding its corporate and commercial portfolio and adding a personal insurance portfolio in 2005.
© 2007 dpa - Deutsche Presse-AgenturCOMMENT
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