Ingosstrakh responds to Generali Russia rumours

This follows the news that Czech-Italian owned Generali PPF Holding is in negotiations with Russian state-controlled bank VTB on establishing new insurance company.

In reports following the annoucement generali managing director, Giovanni Perissinotto mentioned the new firm is likely to start negoiations with Ingostrakh.

However, Mikhail Volkov, deputy chairman of the board of directors of Ingosstrakh, told Post Europe: "Mr Perissinotto probably had in mind a possible agreement with a minority shareholder in Ingosstrakh, which is controlled by PPFI. The position of most shareholders regarding the sale or transfer of any block of shares in Ingosstrakh remains unchanged.

"We consider that such deals must be discussed by all of the insurer's shareholders. Civilized practice of constructive consultations between shareholders enables radical differences in the vision of a company's development strategy to be avoided, and will encourage business development."