Insurance News ME

Axa To Pay EUR810 Million For 36.7% Stake In Russian Insurer

The FINANCIAL -- According to Dow Jones, French insurer Axa SA (AXA) on December 14 said it will buy a 36.7% stake in Russia's second-largest insurer Reso Garantia, granting it a foothold in a fast-growing market.

French Buy into Russian Insurance Co.

AXA, France's largest insurer, has acquired a 36.7 - percent stake in RESO-Garantia for €810 million. The French will buy the remaining shares in it by 2011. RESO-Garantia is the most expensive acquisition ever made by a foreign company in the Russian insurance industry. The number of Russian owned insurance companies is quickly dwindling.

Russia - ROSNO (Allianz) named ‘Insurance Company of the Year’

The respected Russian business magazine "Kompaniya" has named OJSC ROSNO "Insurance Company of the Year", based on an annual review

Russian insurance market to double

The value of the Russian insurance market is set to double to US$ 41 billion over the five-year period 2006-2010, according to a new Lloyd's Market intelligence report.

Zurich to Push NASTA Into Top Five Russian Insurers

By introducing European standards of management to its acquired Russian company NASTA, the Swiss group Zurich hopes to make it one of the top-5 insurance companies in Russia.

In April Zurich Financial Services acquired a 66 percent stake in NASTA insurance company. According to the agreement between the two companies, by 2010 Zurich will own 100 percent of NASTA.

Russian regulators permit Allianz's Dresdner to buy Reso-Garantia

MOSCOW (Thomson Financial) - Russia's Federal Anti-monopoly Service (FAS) said it has granted Allianz (nyse: AZ - news - people ) SE's Dresdner Bank (other-otc: DRSDY.PK - news - people ) approval to acquire a 50 pct plus one share stake in Russian insurer Reso-Garantia.