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CIS - Generali interested in Ingosstrackh

Fran
17 December 2008

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Reports suggest that Russian insurer Ingosstrackh's owner Oleg Deripaska could sell the majority of his 60% stake in the company to Italian group Assicurazioni Generali SpA.

Deripaska, through his massive industrial holding Basic Element (BasEl), could sell up to 50% stake in the insurer. Czech-Italian investment fund PPF Beta owns 38.5 percent of Ingosstrakh. Generali acquired a 49% stake in PPF Beta in November 2007 in order to gain access to Russia's fast-growing insurance market.

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