Schoenherr advised UNIQA on the sale of its 75 % share in the Russian life insurance company "Raiffeisen Life" to Russian insurer Renaissance Life. With the closing of this transaction, UNIQA is finally withdrawing from the Russian market. The transaction was signed in August 2023 and was subject to approval by the Russian authorities.
In the meantime, the necessary approvals have been obtained and the transaction has been completed in full compliance with all sanction-related provisions.
Renaissance Life is a subsidiary of Renaissance Insurance Group PJSC. The Renaissance Group is an independent insurance group that is publicly traded on the Moscow Exchange and is one of the leading insurance providers in Russia.
The Schoenherr team was led by Alexander Popp (partner) and Gregor Petric (counsel) and included Johannes Resch (associate), Gabor Kulcsar (associate), Nikolaus Stepan (associate), Christoph Haid (partner), Peter Feyl (partner) and Daniel Gritsch (associate).
Read the UNIQA press release here.