Khachaturov Will “Insure” Turks

A Russian giant insurance company Rosgosstrakh is planning to enter the Turkish insurance market, reports Armenian local business daily Capital.

“It is better to move to Asia. We are looking at Turkey. It is interesting there, especially in terms of life insurance ... 76 million people there,” one of Rosgosstrakh’s shareholders and an Armenian national Danil Khachaturov told reporters.

The Company plans to buy a Turkish insurance company to gain time so that to start the business from scratch.

“The acquisition is an interesting one to the extent that the patenting is complicated there, and if we apply for a patent we will lose 1.5-2 years,” explained he.

Khachaturov has also found some potential candidates to buy and the main issue at the moment is the price. In his words the deal is expected in fall. Should everything go all right for the company it may make an additional IPO to finance the acquisition.