Today, If P&C Insurance has reached the agreement concerning the acquisition of Russian insurance company SOAO Region. The deal means that If is entering the domestic market in Russia.
SOAO Region is expected to have approximately EUR 23.7 million in premium income during 2007. The main contributor is motor insurance. SOAO Region has been active in the market since 1993 and has 8 sales offices in St. Petersburg and a regional network of 16 branches.
If P&C Insurance Company is the leading property and casualty insurance company in the Nordic region, with insurance operations that also encompass the Baltic countries.
The acquisition is conditional upon the approval of, amongst others, the Federal Insurance Supervision Service and the Federal Antimonopoly Service of Russia.
KBCS/BIC acted as financial advisor to If P&C Insurance Company.
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