Germany’s Allianz further expanded its presence in the Russian insurance market with the announcement that it has “finalized the acquisition of the P/C insurer Progress-Garant.”
Allianz purchased all of the shares from the Company’s management at an undisclosed price.
Progress-Garant “ranks among the top 20 Russian insurers with gross premiums written of more than 120 million US dollars in 2006,” said the announcement.
The new acquisition follows Allianz recent acquisition of a majority shareholding – approximately 97 percent – in ROSNO, one of Russia’s largest insurance groups (See IJ web site Feb. 21). Allianz said the acquisition of Progress-Garant would allow it to “participate even more significantly in expanding its presence in the local corporate clients market and the market for personal lines – especially in the growing health, motor and property insurance segments.”
Hannes Chopra, representative of Allianz SE in Russia and Chairman of the Board of Management of ROSNO, noted that Oleg Pyatakov, Progress-Garant’s CEO, “will stay on board in his current function as CEO.”
The acquisition of Progress-Garant underlines the importance of the CIS region and particularly Russia as a strategic growth market. Allianz said its ultimate goal in Russia “is to build an integrated local platform that offers Russian customers an opportunity to benefit from the Group’s internationally successful products, excellent financial performance and world-class service.” The Russian insurance market “has grown to be worth more than 12 billion US dollars, and this growth potential shows no signs of slowing.”
Describing its new acquisition, Allianz noted: “Garant has been operating in the insurance market since 1994. In 2000 the company joined forces with the insurer Progress and today’s Progress-Garant was created. In 2006 the management buy-out of Progress-Garant, which was initiated in 2003, was completed. Progress-Garant is active in the property and casualty insurance business in Russia. The company ranks among the top 20 Russian insurers with gross premiums written of more than 120 million US dollars in 2006.”
Topics Mergers & Acquisitions Carriers USA Russia Market Property Casualty Allianz
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