Europe's biggest insurer Allianz SE is stepping up its drive into Eastern Europe with the German-based group saying on April 17 it was in talks to acquire Russian insurer Progress-Garant. "We have been in talks with the company for some time," an Allianz spokesman said. "But there are still no results."
His comments confirmed press reports in Russia that talks between the two insurers were underway. Earlier this year, Allianz raised its stake in the Russian insurance group Rosno to 97 percent from about 47 per cent.