ERGO International is selling its Non-Life insurance business in Russia to RESO-Garantia. The Moscow-based P&C insurance company provides a range of insurance products and services for individuals and legal entities in Russia and internationally. Representatives of both enterprises signed a purchase agreement. The sale is subject to regulatory approvals. The parties have agreed not to disclose details of the purchase price. Under the agreement RESO-Garantia acquires 100 percent of shares in ERGO Non-Life and takes over the whole company, including staff, the client portfolio and IT systems. The change in ownership of ERGO Non-Life Russia will not in any way affect obligations towards ERGO’s current clients. “ERGO Non-life is a high quality business with strong consumer loyalty. This acquisition advances the non-organic part of RESO’s growth strategy aimed at expanding its highly profitable motor insurance portfolio and maximizing cost synergies”, says Dmitry Rakovshchik, CEO of RESO-Garantia.