Axa has just increased its share in Reso-Garantia, one of the largest players in the Russian insurance market, two industry sources have independently told our blog. Axa's media department denied the info, but the sources are too informed to simply ignore them.
Besides, under the 2008 agreement, the French group acquired not only 36.7% of Reso but also the option to buy out the remaining interest in 2010 or 2011, so the rumour seems twice as plausible.
In late 2010, Axa bought 51% in Azerbaijani-based MBASK (a top-five company) and 80% in Belarusian B&B insurer (a 10% market share, #2). Since 2007, the French also own a 50% stake in Axa Ukraine and Axa Insurance (11% of the Ukranian market, #1). If the Reso rumour proves true, Axa has become the largest foreign insurance investor in the CIS region putting Allianz on the second place. Quite an achievement for the group that until recently was considered an also-ran.
Axa's recent acquisitions in Romania and Serbia (Omniasig de Viata and Credit Agricole Life Serbija) only support the impression that the French are firmly intended to fight for leadership in the whole New Europe region.
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ReplyDeleteHello, as I am not into insurance business, do you think that one of the Reso subsidiaries in EU could be a favorable employer?
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