Zurich Completes Russian Acquisition

Zurich Financial Services Group has announced the completion of the acquisition of a remaining 34 percent minority stake in Russia’s OOO NASTA Insurance Company, which was renamed Zurich Retail Insurance Ltd. at the end of 2007.

Zurich said the purchase price was around $205 million, and that “all necessary regulatory approvals to close the transaction have been obtained.”

“Zurich acquired a 66 percent majority stake in NASTA in February 2007 with an agreed path to 100 percent ownership by 2010,” the bulletin continued. “Zurich Retail Insurance Ltd. is now the largest foreign controlled general insurer exclusively operating under an international brand in the Russian market.”

Source: Zurich Financial – www.zurich.com