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Sampo unit buys Russian insurer

Finnish insurance group Sampo’s P&C insurance subsidiary has agreed to purchase Russian insurer SOAO Region, the group announced last week.

The Sampo subsidiary, If P&C Insurance, bought SOAO Region, which focuses mainly on motor business with premium income of around EUR23.7mn, did not disclose the purchasing price but said it would be within the “normal valuation range for similar transactions in the insurance industry”.

Sampo said the goodwill from the transaction, which was first disclosed in March, will be “insignificant” in relation to If’s annual profits.                                            

The acquisition is conditional upon the approval of the Russian regulatory and anti-monopoly authorities.

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