ERGO sold its non-life business in Russia to RESO-Garantia

14 February 2019 — Andrei Victor
ERGO Group AG announced the sale of 100% of its non-life business in Russia to RESO-Garantia. The parties have agreed not to disclose details of the purchase price.

In October 2018, ERGO sold its Russian life insurance subsidiary to Rosgosstrakh, but remains active on the Russian market with its Europaische Reiseversicherungsgesellschaft ERV travel insurance.

Under the agreement RESO-Garantia acquires 100% of shares in ERGO Non-Life and takes over the whole company, including staff, the client portfolio and IT systems. "The change in ownership of ERGO Non-Life Russia will not in any way affect obligations towards ERGO's current clients".

The premium income of the Russian ERGO Non-Life insurance subsidiary totaled EUR 103.4 million in 2017 and it ranks 17th on the Russian Non-Life insurance market.

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