To acquire 54.1% of the share capital of Sovag from the Russian insurer, Ingosstrakh
Volga Resources SICAV-SIF S.A. (Volga), a Luxembourg-based investment fund, has agreed to acquire 54.1% of the share capital of SCHWARZMEER UND OSTSEE Versicherungs-Aktiengesellschaft (Sovag), from the Russian insurer Ingosstrakh.
The transaction has already been cleared by BaFin, the German Federal Financial Supervisory Authority. It is however subject to obtaining certain other regulatory approvals, such as from the German Anti-Trust authority (Bundeskartellamt).
Chlodwig Reuter, chairman of Volga Resources, said: “This acquisition represents an important step for the Group towards optimising its risk profile. With Sovag as part of the Group we see ourselves better placed to extend the scope of Volga’s investments across a wider range of business opportunities. Sovag is an established and well-run business with good organic growth prospects.”
Sovag is a Germany-based non-life insurance company which offers motor, fire risk and property insurance as well as cargo, marine, aviation and transportation insurance for corporate and retail clients in western Europe and the CIS.