Zurich completes NASTA acquisition

by David Masters

Story link: Zurich completes NASTA acquisition

Zurich Financial Services Group has completed its acquisition of Russia-based OOO NASTA Insurance Company.

Zurich, based in Switzerland, purchased a 66% stake in NASTA in February 2007, and agreed to purchase the rest of the company by 2010.

The remaining 34% of NASTA has now been purchased by Zurich for $205 million (£137 million), and has been renamed Zurich Retail Insurance Ltd.

Regulatory approvals needed to complete the transaction have all been obtained.

A statement by Zurich regarding the acquisition revealed that Zurich Retail Insurance Ltd is now the largest foreign controlled general insurer in Russia operating exclusively under an international brand name.