Russian Ingosstrakh Insurance Company will acquire several insurance companies in Kazakhstan, Azerbaijan and Uzbekistan by the end of the year , Prime-Tass reported quoting the Director General of Ingosstrakh Alexander Grigoryev.

The company is not yet disclosing the details of the planned acquisitions. It planned to divest itself of Baltic insurers in 2007, which is has successfully done, the report says.

In addition to the acquisitions, Ingosstrah plans to spend US$100 million for the development of the Ingosstrakh-Investments Management Company, which is expected to become one of the top three leaders in its sector, offering PIF and trust management services, Grigoryev added.