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Member, Beacon International Group, Ltd.
MUNICH, Germany Allianz S.E. has taken full control of its Russian subsidiary ROSNO Group, the German insurer said.
Munich-based Allianz in Munich announced it had signed a purchase agreement with Russian conglomerate Sistema, to increase it stake in ROSNO, the fourth-largestRussian insurer, to 97%, up from 49%.
Sistema said it would continue to support the future development of ROSNO byholding on to a 3% stake.
"With the acquisition of ROSNO we are expanding our position as the numberone in Central and Eastern Europe and will become by far the most importantforeign insurance company in our strategic market Russia," commented WernerZedelius, a board member of Allianz, in a statement.
"This step underlines the importance of the CIS region and particularlyRussia as core growth markets for Allianz," he added.
ROSNO is active in property and casualty lines, life and health insurance,as well as asset management.