"Russian Funds " prepare for creation of new insurance holding

"Russian Funds / Russkie Fondy" continue to implement their insurance strategy and are capitalizing the closed joint stock company "Insurance Group / Strakhovaya Gruppa". One of the steps in this direction is the February 2007 purchase of Moscow Re: Insurance Group / Strakhovaya Gruppa acquired 100% of the share capital of the open joint stock company Moscow Reinsurance Company.

Moscow Rе is one of the leading Russian reinsurance companies. It is present in all major segments of the market and has shown strong growth and profitability. According to Sergey Vasilyev, chairman of the board of Russian Funds / Russkie Fondy, Moscow Re is an excellent platform for further development in the reinsurance market. The new shareholders will aim to fully preserve staff and experience; client base; and underwriting policy. Moscow Reis rated В+/ruA+ by Standard and Poors. Gunter Geisler, CEO of Moscow Re, is convinced that this transaction will positively influence the development of the company. “A large financial group as backer means new opportunities for Moscow Re, in particular the chance to increase our rating and to acquire new well-priced business.” Going forward, Insurance Group / Strakhovaya Gruppa will act as one of shareholders of the open joint stock company “Capital Insurance Group / Stolichnaya Strakhovaya Gruppa, the new insurance holding backed by Moscow City Hall. Initially, the holding will include Moscow Insurance Company MSK; Standard Reserve; and Medical insurance company " Solidarity for Life".

March 05, 2007

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