CMS has advised RESO-Garantia on its acquisition of ERGO Insurance, a Russian subsidiary of the ERGO Group, from ERGO International AG. Alrud advised ERGO International on the sale. Financial details were not disclosed and the acquisition remains subject to regulatory approvals.
The deal involves SPAO RESO-Garantia acquiring the ERGO Non-Life business in Russia, including the customer portfolio, staff, and IT systems. According to CMS, the acquisition is part of SPAO RESO-Garantia’s growth strategy, which includes expanding the motor insurance portfolio and maximizing cost synergies.
Established in 1991, SPAO RESO-Garantia is a Russian insurance company headquartered in Moscow. ERGO is an insurance group in Germany and Europe. The group is represented in over 30 countries worldwide. ERGO is a part of Munich Re, which is a reinsurer and risk carrier.
The CMC team in Russia consisted of Partner Vladimir Zenin, Counsel Gregor Kennedy, and Associate Elizaveta Rakova. The team in Germany involved Partners Igor Stenzel, Rolf Hempel, and Ralf Kurney and Associate Julian Hornberg.
The Alrud team was led by Partner Alexander Zharskiy and included Senior Associates Sergey Khanaev, Associates Ksenia Erokhina and Marina Yufa, Senior Attorneys Elina Arazakaeva and Ilya Khodakov.