Liberty Mutual Buys KIT Finance to Enter Russia Insurance Market

Liberty Mutual Holding Co., the second-largest, policyholder-owned property and casualty insurer in the U.S., said it bought KIT Finance Insurance to enter the Russian market.

KIT Finance had almost $50 million in policy sales last year, mostly from auto coverage, Boston-based Liberty Mutual said today in a statement that didn’t disclose terms.

To contact the reporter on this story: Andrea Ludtke in New York at aludtke@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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