Zurich has acquired a majority stake in Moscow-based Nasta Insurance Company. The acquisition makes the group the largest foreign general insurer in the Russian market.
Nasta is a leading personal lines insurer in Russia, with approximately $230m of gross written premiums in 2006. The group provides an extensive distribution network, with 67 branches and over 300 representative offices across Russia.
The transaction gives Zurich a 66% share in Nasta and an agreed path to 100% ownership by 2010. Both parties have agreed not to disclose the price of the transaction.
Zurich has been active in the Russian market for 10 years, steadily growing its corporate and commercial portfolio and adding a personal lines portfolio in 2005.
Dieter Wemmer, chief executive of Zurich's Europe General Insurance business division, said: “In line with our growth strategy this acquisition adds substantial distribution capacity and allows Zurich to leverage its efficient pan-European operating platform.
"It represents an important step in our drive to be the leading pan-European insurer in our chosen markets.”
Garry Delba, chief executive of Nasta, commented: “We are delighted to become part of the Zurich Group and look forward to combining Zurich's technical excellence with Nasta's track record of premium growth and product innovation.”
