PRESS: Russia’s Rosgosstrakh buys Otkritie’s insurance unit

MOSCOW, Sep 7 (PRIME) -- Rosgosstrakh-Life, part of Russian insurer Rosgosstrakh, has acquired Otkritie Life Insurance from financial holding Otkritie for an undisclosed sum, business daily Kommersant reported on Wednesday, citing statements of the companies.

A long-term deal implying Rosgosstrakh’s product sales via the chain of Otkritie will be encompassed by the asset sale agreement, Kommersant reported.

A member of the executive team of Otkritie, Alexei Karakhan, said that the holding will focus on the banking, investment and brokerage businesses, while CEO of Rosgosstrakh-Life Alexander Bondarenko said that the deal “is a possibility to attract a professional team with a good quality insurance portfolio at an affordable price.”

Otkritie Life Insurance ranked 31 by premiums as of the end of June, according to the central bank.

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