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ST. PETERSBURG, Russia—Boston-based Liberty Mutual Group Inc. said Thursday that it has acquired St. Petersburg, Russia-based KIT Finance Insurance OJSC.
Terms of the transaction were not disclosed.
Privately-held KIT Finance Insurance began operations in mid-2008 as a direct distribution insurer providing automobile and property insurance in St. Petersburg and Moscow. The company has since added commercial lines insurance and recently expanded operations into the Russian cities of Novosibirsk, Perm, Orel and Krasnoyarsk.
The company wrote nearly $50 million in gross written premium in 2011, with approximately 63% coming from automobile insurance.
“We believe KIT Finance Insurance provides an attractive platform from which to invest in the rapidly growing Russian nonlife insurance market,” David H. Long, Liberty Mutual president and CEO, said in a statement. “It’s a dynamic company with a driven management team, as indicated by annual growth of 27%.”
The acquisition continues Liberty Mutual's overseas expansion. In 2011, 26% of the company’s $31.2 billion in net written premium came from its international operations.