JSC Sovcombank Insurance (part of Sovcombank Group) is finalizing negotiations for the purchase of Absolut Insurance; the value of the transaction is estimated at 10 billion rubles. Interfax writes about this based on sources in the insurance market.
Author:
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According to the agency, negotiations are at an advanced stage and due diligence has already been carried out. The deal fits into Sovcombank Insurance’s strategy: the company had already announced plans to quickly become one of the ten leaders of the insurance market in terms of the volume of premiums received, the Interfax interlocutor recalled. In recent years, the company has acquired several insurers operating in different market segments, he added.
The press service of Absolut Insurance did not confirm any information about the possible transaction. The press service of Sovcombank Insurance also declined to comment.
Absolut Insurance is now owned by the closed-end mutual fund Gamma Capital under the management of Absolut Asset Management Company. According to the results of the first half of 2024, the company ranked 27th in terms of collections among Russian insurers, according to data from the Central Bank.
In May 2024, Sovcombank was to conduct an additional issue of shares to acquire 51% of Home Bank. Subsequently, as Interfax writes, the bank postponed the placement of additional shares until the first quarter of 2025.
Author:
Nikolai Tikhonov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
