Internet guide to St. Petersburg, the cultural capital of Russia Internet Explorer: add to favorites 
St. Petersburg guide / Home page
 News | Events | Playbill | City | Tourism | Accommodation | Business
 Culture | Dine & Wine | Nightlife | Family | Health & Sports | Excursions
Services | Shopping | Classifieds | Forums | Map | Weather | Articles

Personal live guide to PetersburgBusiness in St. PetersburgApartments rent
 in St.Petersburg: October 24, 2017; 7:57am (GMT+4). Search:
 Business news All business news in St. Petersburg 
Warning: current() expects parameter 1 to be array, null given in /home/webs/city.air.spb.ru/system/advert.robo on line 24
News at PetersburgCity.com
City news
Business news
Culture news
Anniversary news

Warning: current() expects parameter 1 to be array, null given in /home/webs/city.air.spb.ru/system/advert.robo on line 24
Business news
Renaissance Leads Northwest As Insurance Industry Consolidates
12.16.2005 11:13

insurance The Moscow-based insurance company, Renaissance Strakhovanie, is to acquire 100 percent of Neva Progress, one of the Northwest’s leading insurers, the companies confirmed Wednesday.

Renaissance expects its premiums to reach a total of $250 million by the end of 2006, a figure which would make it one of the ten largest insurance companies in the country.

“We are satisfied with the deal,” said Boris Yordan, head of Sputnik Group, Renaissance Strakhovanie’s main shareholder. “For us, the insurance market is a strategic investment, and Progress Neva is one of the most promising companies in the key Northwest market,” he said.

Market insiders saw this development as another step in the consolidation of the Russian insurance industry. Recently, the insurance market has seen many large companies buy up smaller regional outfits. According to Alexander Kulikov, the director of the St. Petersburg branch of Spasskie Vorota insurance company, “the buyout of Progress Neva, which can hardly be called ‘insignificant,’ represents the next stage [of consolidation], when large market players buy up large regional companies.”

Kulikov welcomed the move. “The big insurance company will benefit both the state and clients needing insurance,” he said, adding that in the future the Russian insurance market will be shared between ten to fifteen big players.

The entrance of a Moscow-based company into the St. Petersburg market is both logical and natural, said Andrey Sumbarov, president of the regional union of insurers, in an interview Thursday. Renaissance does not yet have a strong presence in the city’s market, but this acquisition will help the company attain a bigger share of what is a very attractive market, Sumbarov said.

“I think that for such a major company, it is economically beneficial to buy out a local firm rather than just opening new branches in the region,” he said.

News source: times.spb.ru
Print this news


Business news archive for 16 December' 2005.
Business news archive for December' 2005.
Business news archive for 2005 year.
City news archive
December' 2005
SuMoTuWeThFrSa
    123
45678910
11121314151617
18192021222324
25262728293031
       
Archive for 2005 year


 News | Events | Playbill | City | Tourism | Accommodation | Business
 Culture | Dine & Wine | Nightlife | Family | Health & Sports | Excursions
Services | Shopping | Classifieds | Forums | Map | Weather | Articles

Site Map | Search | Help/feedback | About | Advertise with us

Contacts: info@petersburgcity.com

(c) 2001-2016 "Information Resources" Agency