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Baker Botts Advises Sovcombank on Acquisition of Russian Insurance Company

Baker Botts Advises Sovcombank on Acquisition of Russian Insurance Company

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Baker Botts has advised Russia's Sovcombank on its acquisition of the CIV Life insurance company from Talanx subsidiary HDI International.

Closing is expected in the first quarter of 2022, pending regulatory approval. Financial details were not disclosed.

Talanx is a German insurance group and is active in more than 150 countries. CIV Life was established in Russia in 2007, by Talanx AG. The company's insurance products are sold through the distribution channels of partner Citibank Russia. CIV Life generated gross premium income equivalent to around EUR 83 million in 2020, according to a company press release.

Baker Botts’ team included Moscow-based Associate Igor Kungurov, London-based Senior Counsel Paul Exley, and Special Counsel Graham Brough.

Baker Botts did not reply to our inquiry on the matter.

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