Announcing the sale without disclosing the deal price, ERGO said it has signed a purchase agreement with buyer Rosgosstrakh. ERGO Group AG, a subsidiary of Munich Re, has sold its Russian life insurance business to domestic company Rosgosstrakh. The deal is expected to close in the second half of this year, and will see the German insurer take over all assets of the company, including its Moscow headquarters. In a statement, ERGO said it will continue to reassess the performance of its international businesses, which operate in over 30 countries, opening the possibility that further parts of its operation could be sold.
ERGO Group AG, a subsidiary of Munich Re, has sold its Russian life insurance business to domestic company Rosgosstrakh. The deal is expected to close in the second half of this year, and will see the German insurer take over all assets of the company, including its Moscow headquarters. In a statement, ERGO said it will continue to reassess the performance of its international businesses, which operate in over 30 countries, opening the possibility that further parts of its operation could be sold.