Allianz buys out Russian partner to own majority stake in Rosno

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Allianz is taking control of the Russian insurer Rosno. The German insurer is paying the equivalent of some $750mn in cash to buy out the holding of the Russian conglomerate Sistema in Rosno, and is boosting its own share to 97% from an existing 47.4% in the process. Sistema will retain 3% of Rosno – Russia’s fourth largest insurer – to show its support for Rosno.