Allianz further expands its activities in Russia and is strengthening its position in this rapidly growing insurance market. Today it has finalized the acquisition of the Russian insurer Progress-Garant, whereby Allianz has purchased all shares in Progress-Garant from the management of the company. The parties involved have agreed not to disclose further details of the transaction.

Progress-Garant is active in the property and casualty insurance business in Russia. The company ranks among the top 20 Russian insurers with gross premiums written of more than 120 million US dollars in 2006. This step will further strengthen Allianz’ position as one of the leading insurance companies in Russia.

"Following the recent acquisition of a majority shareholding in ROSNO, the acquisition of Progress-Garant will allow Allianz to participate even more significantly in expanding its presence in the local corporate clients market and the market for personal lines – especially in the growing health, motor and property insurance segments. With the additional sales network of Progress-Garant in the main metropolitan areas across the country, we move closer to our clients. They will particularly benefit from the possibility to obtain access to solutions not only in property and casualty insurance, but also in the field of old-age provision.

I am happy about our new partnership and also that Oleg Pyatakov will stay on board in his current function as CEO. He will be able to actively contribute to the continuity of the business operations," commented Hannes Chopra, representative of Allianz SE in Russia and Chairman of the Board of Management of ROSNO.

"Progress-Garant is already today a fast growing and profitable insurance company. However, to move on a new level of development, the company needs a strong and experienced partner. With Allianz, I believe that our clients and employees will benefit from the know-how and experience of one of the leading insurers worldwide," emphasized Oleg Pyatakov, Chief Executive Officer of Progress-Garant.

The acquisition of Progress-Garant underlines the importance of the CIS region and particularly Russia as strategic growth market for Allianz. The company continues its strategy of winning new customers in major markets of Central and Eastern Europe and the CIS region.

The ultimate goal of Allianz in Russia is to build an integrated local platform that offers Russian customers an opportunity to benefit from the Group's internationally successful products, excellent financial performance and world-class service. So far the Russian insurance market has grown to be worth more than 12 billion US dollars, and this growth potential shows no signs of slowing.

The insurance company Garant has been operating in the insurance market since 1994. In 2000 the company joined forces with the insurer Progress and today's Progress-Garant was created. In 2006 the management buy-out of Progress-Garant, which was initiated in 2003, was completed. Progress-Garant is active in the property and casualty insurance business in Russia. The company ranks among the top 20 Russian insurers with gross premiums written of more than 120 million US dollars in 2006.


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