Zurich Financial Services Group said it has completed the acquisition of 66 percent of OOO NASTA Insurance Company, a personal lines insurer in Russia, after receiving all regulatory approval. Transaction terms were not released.
The Zurich, Switzerland-based carrier said it signed an agreement last month to purchase the majority stake in NASTA Insurance, headquartered in Moscow. The deal calls on Zurich to acquire 100 percent of NASTA by 2010.
Zurich said that in addition to its existing Russian businesses the acquisition would position the company as the largest foreign general insurer in the Russian market. The carrier said Russia is the largest future personal lines market in Europe with over 140 million consumers.
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