Zurich looks to the east
Zurich has expanded its Russian footprint by taking a 66% stake in Moscow-based NASTA Insurance for an undisclosed sum. The deal makes the global insurance giant the largest foreign general insurer in Russia, and opens the door for future organic growth in the largest market for personal lines in Europe.
NASTA is the leading personal lines insurer in Russia with about $US230 million ($292 million) of gross written premiums in 2006.
The deal – with the option of a total buyout by 2010 – adds NASTA’s 3000 employees and 3500 agents to Zurich’s stable, in 67 branches and more than 300 representative offices across Russia.
Zurich entered the Russian market a decade ago and has been steadily expanding its corporate and commercial portfolio since, adding a personal lines portfolio in 2005.
NASTA is the leading personal lines insurer in Russia with about $US230 million ($292 million) of gross written premiums in 2006.
The deal – with the option of a total buyout by 2010 – adds NASTA’s 3000 employees and 3500 agents to Zurich’s stable, in 67 branches and more than 300 representative offices across Russia.
Zurich entered the Russian market a decade ago and has been steadily expanding its corporate and commercial portfolio since, adding a personal lines portfolio in 2005.