Liberty Mutual Insurance Group, a P&C insurer, has acquired Russian insurance company KIT Finance Insurance from KIT Finance Holding Co. LLC, the ultimate owners of which are JSC Russian Railways and NPF Blagosostoyanie – the pension fund company of Russian Railways. The acquisition enables Liberty Mutual to enter Russia’s $21 billion P&C insurance market. Financial terms of the agreement were not disclosed.
Liberty Mutual says KIT Finance Insurance began operations in mid-2008 as a direct distribution insurer, providing primarily automobile and property insurance in St. Petersburg and Moscow. Since then, KIT Finance Insurance has become a multi-line, multi-distribution channel company with its own sales force as well as multiple bank assurance and affinity partnerships.
Liberty Mutual adds that KIT Finance Insurance joins its international local business operations that sell to individuals and businesses in three geographic regions: Europe (Spain, Portugal, Turkey, Poland, Ireland and Russia); Latin America (Venezuela, Brazil, Colombia, Argentina and Chile); and Asia (Thailand, Singapore, China, Hong Kong and Vietnam). Private passenger automobile insurance is the single-largest line of business for Liberty Mutual's international country operations, the company says.
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