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Sogaz Buys German Stake

Sogaz, the country’s third-biggest insurer, acquired a 45.9 percent stake in Hamburg-based Schwarzmeer Und Ostsee Versicherungs, known Sovag, for an undisclosed amount, the company said Friday in a statement.

Sogaz bought the stake from Volga Resources, an investment fund headed by Gennady Timchenko, which retains a 54.1 percent stake in the Germany company. The deal has been approved by the German financial regulator BaFin, the statement said.

(Bloomberg)


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