Boston-based insurer Liberty Mutual Insurance Group says it has acquired the Russian insurance company KIT Finance Insurance from KIT Finance Holding Co.
Liberty Mutual says the acquisition now enables it to enter Russia's $21 billion P&C insurance market.
Headquartered in St. Petersburg, KIT began operations in mid-2008 as a direct-distribution insurer providing primarily automobile and property insurance in St. Petersburg and Moscow. Since then, KIT has become a multiline, multidistribution-channel company with its own sales force as well as multiple bank and affinity partnerships.
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