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Report: Uralsib acquires another insurer

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Report: Uralsib acquires another insurer

OJSC Financial Corp. URALSIB acquired insurance company Svyaznoy Strakhovanie from Russia's Svyaznoy Group and changed the unit's name to Uralsib Strakhovanie, reported Dec. 21, citing Vedomosti.

Financial Corp. Uralsib already controls CJSC Uralsib Insurance group but reportedly does not plan to merge the two insurers. The newly acquired company will focus on the development of new business, corporate insurance and provision of bancassurance services, said, citing Maria Malkovskaya, who was named head of Uralsib Strakhovanie.

The financial details of the deal were not disclosed, but local analysts put the value of the transaction at between 40 million Russian rubles and 50 million rubles, the news report noted.

As of Dec. 20, US$1 was equivalent to 61.37 Russian rubles.