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.
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