BELARUS NEWS AND ANALYSIS
DATE:
30/12/2010
AXA enters Belarus with acquisition of B&B Insurance
Symbols: AXA, AXAHY
Dec 30, 2010 (MANAVIGATOR via COMTEX) --
French insurer AXA (EPA: AXA | PowerRating) said Thursday it will buy 80% in Belarusian insurer B&B Insurance, in a move to step into the fast-growing market in Belarus and expand in its key central and eastern European area. Financial terms of the transaction were not disclosed. B&B has 10% of the Belarusian property & casualty insurance market with revenues of EUR29m (USD38.4m) in 2009, and between 20% and 40% of the voluntary insurance sector, AXA said in a press release. The deal is expected to close in the first quarter of 2011, pending regulatory clearance and other conditions. Country: , Belarus Sector: Insurance Target: B&B Insurance Buyer: AXA SA Type: Corporate acquisition Status: Agreed
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