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Russia-based AlfaStrakhovanie completes purchase of regional insurer

Russian insurer AlfaStrakhovanie PLC finalized the acquisition of a 100% stake in regional insurance company Nadezhda.

Financial details of the deal were not disclosed. During a transition period preceding integration with the new owner, Nadezhda will operate as a company within Alfa Insurance Group, preserving its brand and product line. AlfaStrakhovanie said Oct. 15 that a special team will soon prepare an integration plan for the unit.

Nadezhda is one of leading insurance companies in Russia's Krasnoyarsk region, with 14 branches and 47 representative offices. It provides services to more than 700,000 customers, mainly individuals, as well as small and medium-sized businesses.