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Member, Beacon International Group, Ltd.
MOSCOW, Russia Allianz S.E. is expanding in Russia with the acquisition of property/casualty insurer Progress-Garant.
Progress-Garant, based in Moscow, wrote gross premiums of around $120 million in 2006. Munich-based Allianz said the acquisition will expand its participation in Russia's commercial and personal lines markets, particularly in the country's growing health, motor and property insurance markets.
Allianz said it purchased all the insurer's shares from its management but did not disclose additional terms of the transaction.