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Report: Russian insurer Renaissance draws attention of 2 investors

Russian nonstate pension fund NPF Blagosostoyanie and U.S. company Brunswick are looking to invest in Renaissance Insurance Group Ltd. and become its new shareholders, news agency TASS reported Feb. 1.

Negotiations have been underway since the autumn of 2016, but the parties cannot agree on the price, it added. Brunswick would act purely as a financial investor in the potential deal, while a controlling stake in the company would remain in the hands of Renaissance Insurance's current beneficiary shareholder Boris Jordan and its partners Sergey Ryabtsov and Dmitry Bakatin, TASS said.

If the parties reach an agreement, the deal could involve an exchange of shares between Renaissance Insurance and an insurer from Blagosostoyanie group, TASS' sources said. Other variants of the potential deal are also possible, including carrying out the transaction via Jordan's holding company Sputnik.