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UPDATE 1-Zurich pays $207 mln to complete buy of Russian unit

Fri Nov 21, 2008 1:53am EST

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ZURICH, Nov 21 (Reuters) - Swiss insurer Zurich Financial Services (ZURN.VX) said on Friday it had bought a remaining 34 percent stake in a Russian unit for $205 million.

Zurich acquired a 66 percent stake in NASTA, subsequently renamed Zurich Retail Insurance, in February 2007 and agreed then to fully acquire the unit by 2010.

"Zurich Retail Insurance Ltd. is now the largest foreign controlled general insurer exclusively operating under an international brand in the Russian market," the Swiss insurer said in a statement. (Reporting by Lisa Jucca; Editing by Mike Nesbit)

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