Russian online insurer Renaissance Insurance is reportedly looking to acquire traditional insurance companies as it prepares for its initial public offering (IPO).

The online insurer is looking for ways to fund the acquisitions and plans to invest in its telemedicine unit Budu, Bloomberg reported citing the chairman of the board Boris Jordan.

“We have realised we can consolidate mainline traditional insurers onto our infrastructure,” Jordan was quoted by the publication as saying.

“The adoption of online services, particularly in the financial services sector, is starting to grow, but it is still in its infancy”, he added.

Earlier this month, it was reported that Renaissance Insurance has hired investment banks to lead its initial public offering (IPO).

The insurer has selected JPMorgan, Credit Suisse and VTB Group as global coordinators to work on the possible IPO.

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Renaissance Insurance’s intention-to-float document is expected soon and the public listing on the Moscow Exchange potentially can happen as early as this autumn.

The insurer is planning to raise nearly $250m and shareholders offering as much as a $150m, the people told the publication.

Sputnik Group and partners own a 53% stake in the insurer, which was established in 1997.

Billionaire Roman Abramovich and some of his business partners own nearly 29% stake in the company. Other shareholders include Baring Vostok investment funds.

According to Expert RA rating agency, Renaissance companies, together, had a 4.5% share in the Russian insurance market in the first quarter of 2021.