Insurer files for IPO

Renaissance Insurance Group, a privately owned insurer, announced recently that it would IPO on Moscow Exchange.

“Renaissance Insurance Group JSC, a Russian diversified independent insurance company, today announces its intention to conduct an initial public offering of ordinary shares and to list on Moscow Exchange,” the company had said in a statement.

The company said it hopes to raise USD290 million with the primary offering and a secondary offering where some of the shareholders will cash out.

“Proceeds from the primary component of the Offering will be used to accelerate the Group’s development by financing organic growth, investments in further digital initiatives, potential value-accretive acquisitions and the possible repurchase of shares following the results of stabilisation in connection with the Offering,” the company said.

Boris Jordan’s Sputnik Group and partners own a 59 percent stake in Renaissance Insurance, and a group of investors linked to Abramovich and some of his business partners bought almost 30 percent in the company in May of this year. Other shareholders include US fund manager Michael Calvey’s Baring Vostok Capital Partners, according to a report by BNE IntelliNews.