Regulator gives Ingosstrakh subsidiary permission to buy ASK-Petersburg
ST. PETERSBURG. July 26 (Interfax) - Russia's Federal Antimonopoly Service (FAS) has approved a request from CJSC InVest-Polis to acquire CJSC ASK Petersburg insurance company, FAS said in a press release.
Invest-Polis is a subsidiary of OJSC Ingosstrakh and its main function is to invest in shares.
Ingosstrakh is expected to spend $3 million to $4 million acquiring insurance companies CJSC SMK AKS-Med and CJSC ASK Petersburg, a source on the insurance market told Interfax.
Insurance company ASK Petersburg deals with medical insurance. Ingosstrakh already has several medical insurers - Ingosstrakh-M, EMESK, CJSC ASKO-Med.
The ASK Petersburg report to International Financial Reporting Standards for 2012 shows that the insurer upped premiums 6.2% to 562.54 million rubles.
The company is owned by LLC Favorit with 56.25% fo charter capital, LLC APAM with 25% and LLC Regional Alliance with 18.75%.
Ingosstrakh has worked on the international and domestic markets since 1947. It is licensed to carry out all types of insurance and reinsurance.
