Austrian insurer Vienna Insurance Group has said that it agreed to sell the minority stakes in its Russian insurers MSK-Life, SG MSK and SoVita, to its business partners.

In 2005, Vienna Insurance stepped into the Russian insurance market by purchasing 25% of stake in the country’s life insurer MSK-Life, which it has then founded together with the Bank of Moscow.

The group also holds 5% of stake in SG MSK, as well as 15% in SoVita.

The Austrian insurer said that it received an offer from its business partners to sell its share in MSK-Life as well as the two other companies.

The group said that as it holds only minor stakes, it seemed appropriate to accept the purchase offer.

The details of the transaction price was not disclosed and is expected to be closed by the end of May 2011.

Vienna headquartered Vienna Insurance Group is also active, through subsidiaries and insurance holdings, in Albania, Bulgaria, Germany, Estonia, Georgia, Croatia, Latvia, Liechtenstein, Lithuania, Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, the Czech Republic, Turkey, Hungary, Ukraine and Belarus.