Renaissance Life acquires Raiffeisen Life

Russian insurance company Renaissance Life has acquired a 100% stake in Moscow-based insurer Raiffeisen Life from the two Austrian banks Uniqa and Raiffeisen.

Uniqa and Raiffeisen, which held respectively 75% and 25% of Raiffeisen Life's capital, thus become the last Western companies to leave the Russian market.

The price of the transaction, which would be finalized within the next six months, remains confidential.