Rosgosstrakh (), also called RGS or RGS Group, was the largest
insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
company in Russia for many years (now it's "number two" and "number one" is
SOGAZ
SOGAZ is a Russian insurance company. SOGAZ became the first in Russia by written premium (₽142.8 billion or US$2.3 billion) and market share (12.1%) in 2016.
The company was formed in 1993 and has direct business in Russia and Serbia. Insurance ...
).
RGS was the main sponsor of
Russian National Football Championship. As Russia started its
2022 Russian Invasion of Ukraine
On 24 February 2022, in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has resulted in tens of thousands of deaths on both sides. It has caused Europe's largest refugee crisis since World War II. An ...
, Rosgosstrakh was sanctioned by the US on 24th February 2022.
History
Rosgosstrakh is the successor of Gosstrakh, which was founded in 1921 during the
Russian Soviet Federative Socialist Republic
The Russian Soviet Federative Socialist Republic, Russian SFSR or RSFSR ( rus, Российская Советская Федеративная Социалистическая Республика, Rossíyskaya Sovétskaya Federatívnaya Soci ...
. Gosstrakh was the Russian government-owned insurance monopolist until 1947, when
Ingosstrakh
IPJSC Ingosstrakh (Russian: СПАО «Ингосстра́х») is one of the major insurance companies of Russia, insurance public joint-stock company. Headquartered in Moscow, Russia. Ingosstrakh is the legal successor of the Chief Agency of ...
was established as agency of foreign insurance.
Rosgosstrakh became a state-owned
joint stock company
A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are ...
on February 10, 1992 by the
Government Resolution of the
Russian Cabinet №76 "On the establishment of the Russian State Insurance Company".
In July 2003, the controlling stake of 78% minus four shares was privatized. As of 2006, Rosgosstrakh was Russia's largest insurance company with US$1,528 billion in premiums per the Russian Federal Insurance Oversight Service (FIOS), aka Federal Service for Insurance Supervision (FSIS) or by the Russian acronym FSSN, the All-Russian Insurance Association (ARIA),
Interfax
Interfax (russian: Интерфакс) is a Russian news agency. The agency is owned by Interfax News Agency joint-stock company and is headquartered in Moscow.
History
As the first non-governmental channel of political and economic informatio ...
, and public websites of the 20 leading Russian insurance companies.
During 2007 and 2008 Rosgosstrakh bought the insurance company arm of the IFD Kapital Financial Group, consisting of Kapital Insurance, Kapital Reinsurance, Kapital Health Insurance and Kapital Life Insurance. They continue to do business under the name "Capital". On January 1, 2010 Rosgosstrakh restructured its ten regional insurance companies into the unified federal company "Group Rosgosstrakh".
Up until September 2010, Rosgosstrakh was the only insurance company with government shares. At that time the Russian government sold the remaining 13.1% stake in the company and hence lost its power, the
golden share In business and finance, a golden share is a nominal share which is able to outvote all other shares in certain specified circumstances, often held by a government organization, in a government company undergoing the process of privatization and ...
.
In 2015, Rosgosstrakh Armenia, a subsidiary of Rosgosstrakh reported to sign over one million mandatory vehicle insurance contracts.
In 2018, after consecutives losses, when did face profit acquired ''Ergo Life'', a Russian based subsidiary of German Insurance company
Munich Re
Munich Re Group or Munich Reinsurance Company (german: Münchener Rück; Münchener Rückversicherungs-Gesellschaft) is a German multinational insurance company based in Munich, Germany. It is one of the world's leading reinsurers. ERGO, a Muni ...
.
References
External links
Official site of Rosgosstrakh(in Russian)
*
Official site of Rosgosstrakh(in English)
{{Authority control
Financial services companies established in 1992
Insurance companies of Russia
Companies of the Soviet Union
Companies based in Moscow
Companies listed on the Moscow Exchange