MOSCOW, Feb 12 (Reuters) - ERGO Group, part of German reinsurer Munich Re, is selling its non-life insurance business in Russia, the company said, becoming the latest Western company to reduce its presence in the Russian market.
The purchase agreement with Russia’s RESO-Garantia has been signed and is subject to regulatory approvals, ERGO said, adding that the sale price will not be disclosed.
Under the agreement, Russian non-life insurer RESO-Garantia acquires 100 percent of shares in ERGO Non-Life and takes over the whole company.
ERGO Non-Life ranks 17th on the Russian non-life insurance market, ERGO said in a statement on Tuesday.
In October ERGO group sold its Russian life insurance company ERGO Life to SK Rosgosstrakh PAO. ERGO Group keeps a foothold in the Russian market through its travel insurance business. (Writing by Maria Vasilyeva; Editing by Louise Heavens)