Russian insurer ROSGOSTRAKH intends to extend in Turkey
ROSGOSTRAKH, the biggest insurance player on the Russian market, is planning to acquire an insurance company in Turkey, according to Russian mass media. "We are looking for a life insurer in Turkey, a market with an important growth potential, considering the population of 75 million people", stated Daniyl KHACHATUROV, the businessman that controls ROSGOSTRAKH.
He considers that acquiring a local company is more appropriate that founding a new insurer, as license procedure can take approximately 2 years. According to his statement, they price is the most important key in negotiations and a possible transaction could be concluded in late autumn.
ROSSGOSTRAKH-Group is market leader on the local market, with total premiums written in 2009 of around EUR 2,2 billion, an increase by 109% comparing to 2008. Also, company reported for the previous year a profit of EUR 6,4 million.
