SOGAZ is a Russian
insurance company
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 ...
. SOGAZ became the first in Russia by
written premium
An insurance policy may be canceled before the end of the policy period. This has the effect of ending the policy coverage on the date of the policy cancellation.
Cancellation methods
Three different calculation methods are commonly used. Cancell ...
(
₽
The ruble sign, , is the currency sign used for the Russian ruble, the official currency of Russia. Its form is a Cyrillic letter Р with an additional horizontal stroke. The design was approved on 11 December 2013 after a public poll that took ...
142.8 billion or US$2.3 billion) and market share (12.1%) in 2016.
The company was formed in 1993
[SOGAZ history](_blank)
/ref> and has direct business in Russia
Russia (, , ), or the Russian Federation, is a List of transcontinental countries, transcontinental country spanning Eastern Europe and North Asia, Northern Asia. It is the List of countries and dependencies by area, largest country in the ...
and Serbia
Serbia (, ; Serbian language, Serbian: , , ), officially the Republic of Serbia (Serbian language, Serbian: , , ), is a landlocked country in Southeast Europe, Southeastern and Central Europe, situated at the crossroads of the Pannonian Bas ...
. Insurance company SOGAZ as well have shares in many companies and own a number of insurers.
SOGAZ partners are leading worldwide reinsurance companies
Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insu ...
: 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 ...
, Hannover Re
Hannover Re (in German ''Hannover Rück'') is a reinsurance company based in Hannover, Germany. It is the third-largest reinsurance group in the world, with a gross premium of around €
The euro sign () is the currency sign used for the euro, ...
, Partner Re, Swiss Re
Swiss Reinsurance Company Ltd,
Swiss Re. Retrieved on 18 January 2011. "Swiss Reinsurance Company Ltd ("Swiss Re") ...
, SCOR, Lloyd's of London
Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, England. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body gov ...
, and others. SOGAZ - in accordance with national laws - is ceding 10% of total ceded risks under insurance contracts to Russian National Reinsurance Company (RNRC).
Credit ratings
SOGAZ become the first Russian insurer assigned a long-term credit rating "BBB+" in Russian and foreign currency with a "stable" outlook by Dagong Chinese Rating Agency. A.M. Best has affirmed for SOGAZ (Russia) the Financial Strength Rating of "B++" (Good) and the Long-Term Issuer Credit Rating of "bbb" and revised the outlooks to "stable" from "negative".
; Standard & Poor’s
The Standard & Poor's
S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is con ...
rating agency first assigned SOGAZ a long-term insurer financial strength and issuer credit ratings in 2008. Since then, the ratings has gradually grown and in 2018 the agency assigned a ratings of "BBB" with a "stable" outlook, which was then annually confirmed. At the beginning of 2021, the company had a 'BBB" ratings with "stable" outlook».
; Expert RA
In July 2003, the Expert RA
Expert RA is Russia’s oldest credit rating agency and also the largest one in terms of both customers and headcount. Expert RA has been assigning credit ratings for 20 years. Expert RA is on the list of authorized rating institutions, meaning th ...
rating agency assigned SOGAZ the highest "A++" rating (by national rating scale). Since then, the rating has never been reduced and in July 2017, when switching to a new rating scale, it was replaced with the “ruAAA” rating. At the beginning of 2022, the rating was “ruAAA”, the outlook is “stable”.
Acquisitions
SOGAZ carries out a consistent and active policy on the purchase of attractive insurance assets. The objects of such purchases are always captive insurers and insurance companies focused on corporate insurance, except VTB Insurance which had been a subsidiary of VTB Bank
VTB Bank (; formerly known as ''Vneshtorgbank'', , lit. 'International Trade Bank') is a Russian majority state-owned bank headquartered in various federal districts of Russia; its legal address is registered in Saint Petersburg, St. Peter ...
. SOGAZ acquired 7 notable companies in the Russian insurance market:
* Neftepolis (2005, formerly owned by Rosneft
PJSC Rosneft Oil Company ( stylized as ROSNEFT) is a Russian Vertical integration, integrated energy company headquartered in Moscow. Rosneft specializes in the exploration, Extraction of petroleum, extraction, production, refining, Petroleum t ...
);
* Sheksna (2009, Severstal
Severstal (russian: Северсталь, , Northern Steel) is a Russian company mainly operating in the steel and mining industry, headquartered in Cherepovets. Severstal is listed on the Moscow Exchange and LSE and is the largest steel compan ...
);
* Insurance company Transneft (2013, Transneft
Joint Stock Company Transneft (russian: Транснефть) is a state-controlled pipeline transport company headquartered in Moscow, Russia. It is the largest oil pipeline company in the world. Transneft is operating over of trunk pipeline ...
);
* Insurance company Alrosa (2014, Alrosa);
* ZHASO (2016, Russian Railways
Russian Railways (russian: link=no, ОАО «Российские железные дороги» (ОАО «РЖД»), OAO Rossiyskie zheleznye dorogi (OAO RZhD)) is a Russian fully state-owned vertically integrated railway company, both manag ...
);
* Regiongarant (2017, Surgutex);
*VTB Insurance (2018, VTB Bank
VTB Bank (; formerly known as ''Vneshtorgbank'', , lit. 'International Trade Bank') is a Russian majority state-owned bank headquartered in various federal districts of Russia; its legal address is registered in Saint Petersburg, St. Peter ...
).
In December 2021 SOGAZ has also acquired all 45% indirect stake of USM, headed by Alisher Usmanov
Alisher Burkhanovich Usmanov (russian: Алишер Бурханович Усманов; born 9 September 1953) is an Uzbek-born Russian businessman and oligarch. By 2022, Usmanov had an estimated net worth of $19.5 billion and was among the ...
, in VK (company)
VK, known as Mail.ru Group until 12 October 2021, is a Russian technology company. It started in 1998 as an e-mail service and went on to become a major corporate figure in the Russian-speaking segment of the Internet.
VK operates an e-mail s ...
, mentioned as a strategic investment for the buyer.
References
External links
Official site of Sogaz
Bloomberg -- Company Overview of Insurance Company of Gaz Industry SOGAZ
A.M. Best Revises Outlooks to Stable for INSURANCE COMPANY OF GAZ INDUSTRY SOGAZ
{{portalbar, Russia, Companies
Insurance companies of Russia
Financial services companies established in 1993
Companies based in Moscow