Next step into the promising Russian insurance market
Munich, May 21, 2007
Allianz further expands its activities in Russia and is strengthening its position in this rapidly growing insurance market. Today it has finalized the acquisition of the Russian insurer Progress-Garant, whereby Allianz has purchased all shares in Progress-Garant from the management of the company. The parties involved have agreed not to disclose further details of the transaction.
Progress-Garant is active in the Property/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. This step will further strengthen Allianz’ position as one of the leading insurance companies in Russia. more...
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