Market leading Russian insurer Ingosstrakh Insurance Company ("Ingosstrakh") has sold its Finnish 100% subsidiary Ingonord Insurance Company ("Ingonord") to DARAG Deutsche Versicherungs- und Rückversicherungs-AG ("DARAG"). The Parties have agreed to treat the purchase price and the terms of the transaction as confidential.
An international team of lawyers of CMS Hasche Sigle, CMS Russia and the Finnish law firm Merilampi Attorneys Ltd. has advised Ingosstrakh.
Ingonord has been in run-off since May 2010. The portfolio of Ingonord includes fire and property insurance, marine, aviation and other transport insurance, liability insurance, busi-ness interruption insurance, travel insurance and active reinsurance.
Acquirer DARAG is specialized in the acquisition of discontinued books of business by tak-ing over portfolios or legal entities in their run-off phase. The competent regulatory bodies (the Finish Finanssivalvonta and the German Bundesanstalt für Finanzdienstleistung-saufsicht) have already expressed their non-objection with regard to the transaction.
Ingosstrakh management voiced strong content over having found a reputable partner in spe-cialized DARAG as new home for Ingonord.
CMS Hasche Sigle
Ralf Kurney, Partner
Christian Plodeck, Senior Associate
Leonid Zubarev, Partner
Merilampi Attorneys Ltd.
Tauno Palotie, Senior Advisor
Risto Riikonen, Associate