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Rosgosstrakh

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Rosgosstrakh
Company typeOpen joint-stock company
MCX: RGSS
IndustryInsurance
Founded1992
Headquarters
Moscow
,
Russia
Revenue60,554,900,000 Russian ruble (2017) Edit this on Wikidata
Websitergs.ru
Head office of the company "Rosgosstrakh" in Moscow

Rosgosstrakh (Russian: Росгосстрах) is a Russian insurance company. It was the largest insurance company in Russia for many years but is now the second largest, behind SOGAZ.[1][2][3] Rosgosstrakh was the main sponsor of the Russian National Football Championship.[4] As Russia began its 2022 invasion of Ukraine, Rosgosstrakh was sanctioned by the US on 24 February 2022.[5]

History

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Rosgosstrakh is the successor of Gosstrakh, which was founded in 1921 during the Russian Soviet Federative Socialist Republic.[6] Gosstrakh was the Russian government-owned insurance monopolist until 1947, when Ingosstrakh was established as agency of foreign insurance.[7] Rosgosstrakh became a state-owned joint stock company on 10 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, and public websites of the 20 leading Russian insurance companies.[7] 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"[further explanation needed]. 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.[8]

In 2018 Rosgosstrakh acquired Ergo Life, a Russian-based subsidiary of German insurance company Munich Re.[9]

References

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  1. ^ "Insurance in Russia in 2016: Trends. Segments. Forecasts. Summary analytical report of Insurance Institute of ARIA" (PDF). Retrieved 12 September 2018.
  2. ^ "Russia's largest private bank is rescued by the central bank". The Economist. 31 Aug 2017.
  3. ^ "Росгосстрах, ООО. Динамика развития отдельных видов страхования". Retrieved 12 September 2018.
  4. ^ FIFA.com. "Live Scores - National League - Russian Football Premier League". FIFA.com. Archived from the original on April 6, 2016. Retrieved 12 September 2018.
  5. ^ "New Sanctions: Top Ten Russian Financial Institutions Now Under U.S Restrictions - HS Today". 2022-02-25. Retrieved 2022-07-13.
  6. ^ "СПС Право.ru". СПС Право.ru. Retrieved 12 September 2018.
  7. ^ a b Nosikova, Olga (February 2008). "Die Entwicklung der Versicherungswirtschaft in Russland" (PDF). Mannheimer Manuskripte zu Risikotheorie, Portfolio Management und Versicherungswirtschaft Nr. 172 (in German). Mannheim, Germany: University of Mannheim. p. 6. Retrieved 10 April 2014.
  8. ^ Ушел от государства
  9. ^ "Rosgosstrakh to buy Munich Re's life insurance unit Ergo Life". Financial Times. 2018-10-15. Retrieved 2022-07-13.
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