OREANDA-NEWS. July 11, 2011. The international financial holding Allianz SE has decided to consolidate its Russian subsidiaries: CJSC Insurance Joint Stock Company Allianz, OJSC IC Progress Garant, and OJSC IC ROSNO. The consolidated company is scheduled to commence operation in 2012, reported the press-centre of ROSNO.

Today, the supervision bodies (FAS and FFMS) were furnished with an application for issuance of a permit for consolidation of three companies: CJSC Insurance Joint Stock Company Allianz, OJSC IC Progress Garant, and OJSC IC ROSNO. This step is fully in line with implementation of Allianz Group’s strategic plans in Russia. The purpose of the consolidation is to create a highly profitable company using the capital from Allianz SE. This decision also underscores the importance of Russia as one of the most rapidly growing emerging markets where Allianz is present.

The integration process will be controlled by Mr. Hakan Danielsson, President of OJSC IC ROSNO, who will head the newly consolidated company. "Today, the Russian assets of Allianz Group in Russia consist of OJSC IC ROSNO, one of the market leaders and a trendsetter in medical insurance, OJSC IC Progress Garant, a growing and profitable company, and CJSC Insurance Joint Stock Company Allianz, a leading insurer of industrial risks. By consolidating strengths and successes of all three companies, we are entering a new development phase, enabling the Russian clients to use the advantages of Allianz’s advanced international expertise, thus ensuring financial stability and high service quality", notes Mr. Hakan Danielsson.

Mr. Hannes Chopra, former CEO of OJSC IC ROSNO, has been appointed Chairman of the Board of Directors of ROSNO and will retain this position in the new company.

Mr. Oleg Pyatakov, Chairman of the Board of OJSC IC Progress Garant, will retain this position up to the consolidation, whereafter he will be appointed Vice President of the new company and will be in charge for business development in the CIS markets at Allianz CEEMA.

Mr. Werner Lellinger, President and CEO of CJSC Insurance Joint Stock Company Allianz, will also retain these positions up to the consolidation. Thereafter, he will continue heading the business line which he had successfully managed before.

The consolidation strategy is supported by CEOs of all three companies. They will play an important role in the development of a new consolidated company.

The position of CEO of OJSC IC ROSNO has been taken by Ms. Olga Krymova. She will also continue performing her CFO duties.

This operation has to be approved by supervisory bodies. The consolidated company is scheduled to commence operation in Q1 2012.

Pursuant to this strategic decision, Allianz will continue investing in its Russian business, including investments in modernization of IT systems and further improvement of the quality of customer services in order to set new business standards in the Russian market.