As part of its strategy to further expand into the Russian market, Germany-based insurer Allianz has acquired a 49.2% stake in Rosno from Sistema for $750 million, making it the biggest shareholder in the Russian insurance firm.

Together with its own stake of approximately 47.4%, Allianz now holds a 97% stake in Rosno, one of the top four insurance companies in Russia. The remaining 3% will be retained by Sistema to continue supporting the future development of the company, stated Allianz.

Rosno is engaged in the property and casualty, life and health and asset management business, with over 100 established branches across Russia, serving more than seven million private and 50,000 corporate clients. It has been a joint shareholder with Allianz since 2001.

With the acquisition of Rosno we are expanding our position as the number one in central and eastern Europe and will become by far the most important foreign insurance company in our strategic market Russia, said Werner Zedelius, board member of Allianz responsible for growth markets.