Volga Resources Acquires German InsurerBy Prne, Gaea News Network
Wednesday, October 7, 2009
LUXEMBOURG CITY, Luxembourg - Volga Resources SICAV-SIF S.A. (”Volga”), the Luxembourg-based investment fund, announces that it 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).
Sovag is a German non-life insurance company offering 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. Founded in 1927, its gross written premium income in 2008 was EUR90m. Sovag is headquartered in Hamburg and has offices in Cologne, Berlin, Vienna and London.
Sovag is regulated by BaFin and has a “Good” (B++) Financial Strength Rating (”Secure”) and a “Good” (bbb) Issuer Credit Rating (”Investment Grade”) from A.M.Best Company, the specialist insurance rating agency.
Commenting on the acquisition, 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.”
Volga Resources SICAV-SIF S.A. is a private investment fund registered in Luxembourg in 2007. The Fund invests in projects in the oil & gas sector, infrastructure, development, financial services in Central and Eastern Europe, CIS, Russia and Turkey.
For further information please contact: M: Communications Patrick d’Ancona/Stuart Leasor +44-20-7920-2347
Source: Volga Resources SICAV-SIF S.A
For further information please contact: M: Communications, Patrick d’Ancona/Stuart Leasor, +44-20-7920-2347
Tags: Germany, Luxembourg, Luxembourg city, Volga Resources SICAV-SIF S.A