Boston-based insurer Liberty Mutual Insurance Group says it hasacquired the Russian insurance company KIT Finance Insurance fromKIT Finance Holding Co.
Liberty Mutual says the acquisition now enables it to enterRussia's $21 billion P&C insurance market.
Headquartered in St. Petersburg, KIT began operations inmid-2008 as a direct-distribution insurer providing primarilyautomobile and property insurance in St. Petersburg and Moscow.Since then, KIT has become a multiline, multidistribution-channelcompany with its own sales force as well as multiple bank andaffinity partnerships.
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