Source Pravda.Ru

ATON purchases 85% in Rossiya insurance company

The ATON investment company purchased 84 per cent in the Rossiya insurance company for around $7.8m, a source in the All-Russian Union of Insurers reported to RosBusinessConsulting today. Yesterday, ATON made an announcement about its intention to purchase an 84-per cent stake in one of the oldest Russian insurance companies - Rossiya - from Base Element, Nafta-Moskva and Millhouse Capital. The latter was coordinating the sellers.

ATON considers this purchase an another step to the creation of a financial concern within the investment group. This concern will combine several types of business - broker services, investment projects, assets management and investor risk insurance. At the same time, ATON considers this deal as making "core investments" in the Russian insurance business, which will achieve a high level of capitalization soon. It is in ATON's plans to improve Rossiya's sales system by using its own clientele. In the future, ATON and Rossiya are planning to establish a regional network of joint affiliates and representative offices.

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