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Sogaz takes over Russian peer

JSC SOGAZ said Dec. 29 that it completed the acquisition of local insurance company Regiongarant.

Financial details of the transaction were not disclosed.

Sogaz's management board head, Anton Ustinov, said the company is open to negotiations regarding further acquisitions that will suit its business interests.

As of Sept. 30, Regiongarant's assets stood at 2.84 billion rubles under Russian accounting standards. Premiums collected by the company during the first nine months of 2016, excluding reinsurance premiums, amounted to 524.9 million rubles.

As of Dec. 29, US$1 was equivalent to 60.60 Russian rubles.