Eureko B.V., Friend’s First parent company, and Russia’s PromSvyazCapital Group (PSC) have announced that, following receipt of regulatory approval, they have concluded the agreement announced in September 2008, whereby Eureko has acquired 100% of PSC's insurance businesses, LLC Insurance Company Oranta, and CJSC Insurance Company Oranta-M – collectively known as 'Oranta'.
The acquisition fits well with Eureko's strategic and geographical development objectives, providing an early, accelerated entry into the Russian market and confirming its international growth ambitions.
Oranta - Overview
Oranta is a growing company with principal operations in Moscow and St Petersburg, and a presence in most major Russian cities. Oranta has a mixed portfolio and considerable potential in motor and property. It is ranked #23 by GWP = EUR 96 million (more than doubled in 2007).
Oranta has just under 1000 employees and a multi-channel distribution network with coverage of 72 of the 85 regions in Russia. Its agent network is its fastest-growing distribution segment. It has partnerships with 19 banks, 137 car dealers, and 53 insurance brokers.
About Eureko B.V.
Eureko is a leading European financial services group whose core business is insurance. The company is headquartered in The Netherlands and has operations in 13 countries. The Eureko Group has an S&P rating of A+ - with outlook negative.
Building on its co-operative roots, Eureko does business with the aim of achieving balanced value creation for its stakeholders: customers, distribution partners, employees and shareholders. Eureko’s philosophy is to create an integrated, pan-European group consisting of market leaders in the territories in which its companies operate, providing "local solutions, shared goals". Each of its operating companies has strong, dominant brands; they know their local markets intimately and are customer-focused. It is this local expertise, with the backing of a strong European Group and the sharing of skills and experience throughout the Group, which is the cornerstone of Eureko’s values.
About Friends First
At Friends First, we are always looking forward to your future, seeking new and better ways to fulfil the diverse financial aspirations of all our clients.
Through our wide range of financial services products, Friends First is constantly working to provide a brighter future for our 250,000 Irish customers. As a leading expert in the market, Friends First consistently meets the individual requirements of our customers with innovative solutions in the areas of pensions, investments, protection and finance. With total assets exceeding €5.5 billion*, Friends First employs over 450 people at its corporate headquarters in Dublin and regional offices in Cork and Galway.
Friends First is a wholly-owned subsidiary of Eureko, a pan-European insurance group with total assets of €100 billion*.
*Source: Friends First – figures as at 31st December 2007
