Axa is set to buy a large chunk of Russian insurer Reso Garantia.

It has agreed to purchase a 36.7 per cent stake for €810 million .

The contract, expected to be completed in early 2008, has an inbuilt clause giving the firm the right to buy the remainder of the company in 2010.

Reso's vendors are comprised of founders and management, who hold a 90 per cent stake and the European Bank for Reconstruction and Development, which holds ten per cent.

It is one of the biggest property and casualty franchising networks in Russia with a seven per cent market share.

Supported by 18,000 agents, it specialises in the retail motor sector.

Henri de Castries, chairman of the Axa management board, said: "This strategic investment is an excellent opportunity for Axa to enter the Russian insurance market."

Reso and Axa shareholders are forming a joint venture for the life and savings business which Axa will run.

The Russian company will continue to run the company's core business with Axa having three seats on the 11-member board, plus minority rights including approving changes in chare capital and acquisitions.

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