Sogaz
{{Short description|Russian insurance company}}
{{Infobox company
| name = SOGAZ
| logo = File:SOGAZ-Logotype-eng.png
| image = СОГАЗ - здание.jpg
| type = Joint-Stock Company
| industry = Insurance
| founded = {{Start date and age|1993|10|25}} in Moscow, Russia
| founder = Gazprom
| hq_location_city = Moscow
| hq_location_country = Russia
| area_served = Nationwide
| key_people = Anton Ustinov (CEO)
| revenue = {{wikidata revenue|revenue|USD}}{{wikidata revenue|revenue|ref}}
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| assets = {{wikidata revenue|assets|USD}}{{wikidata revenue|assets|ref}}
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| num_employees = 12,200
| parent =
| website = https://www.sogaz.ru/eng
| subsid = SOGAZ-Life, SOGAZ-Med, SOGAZ-MedService,
SOGAZ a.d.o. Novi Sad, SOGAZ International Healthcare Center, SOGAZ-Finance, SOGAZ-Broker, Accept (REN TV),
}}
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.[http://www.insur-info.ru/statistics/analytics/?cNum=20&cNumCustom=&period=2016.4&order=un01®ion=0&dir=in&datatype=itog&unAction=a05 Russian Insurers Top-20 - written premium]
The company was formed in 1993[https://www.sogaz.ru/eng/about/history SOGAZ history] and has direct business in Russia and Serbia.[https://www.ekapija.com/en/news/289157/srbijagas-and-sogaz-to-form-joint-insurance-company Srbijagas and Sogaz to form joint insurance company] Insurance company SOGAZ as well have shares in many companies and own a number of insurers.
SOGAZ partners were leading worldwide reinsurance companies: Munich Re, Hannover Re, Partner Re, Swiss Re, SCOR SE, Lloyd's of London, and others. SOGAZ, in accordance with national laws, cedes 10% of total ceded risks under insurance contracts to Russian National Reinsurance Company (RNRC).[https://en.rnrc.ru/about/company Russian National Reinsurance Company - outlook]
Sanctions
European Union companies were banned from doing business with Sogaz in March 2022.{{cite web |last1=Nolsoe |first1=Eir |title=Russia sanctions list: What the West imposed over the Ukraine invasion |url=https://www.swissinfo.ch/eng/business/russia-sanctions-list-what-the-west-imposed-over-the-ukraine-invasion/47408496 |publisher=Swiss Broadcasting Corporation |access-date=March 7, 2022}}
Sogaz came under international sanctions from the European Union for insuring a bridge in Crimea.
On March 15, 2022, Sogaz came under UK sanctions, the company's accounts were frozen, and UK residents were prohibited from conducting financial activities with Sogaz. On October 28, 2022, Sogaz was included in Canada’s sanctions list.
On June 12, 2024, Sogaz was included in the US blocking sanctions list against the "architecture of the Russian financial system of Russia", as a company that provides insurance to Russian military personnel and employees of leading defense enterprises under sanctions.
For similar reasons, Sogaz is under sanctions from Switzerland, New Zealand, Ukraine and Australia.
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".[http://www.xprimm.com/A-M-Best-Revises-Outlooks-to-Stable-for-INSURANCE-COMPANY-OF-GAZ-INDUSTRY-SOGAZ-articol-2,12,33-9900.htm A.M. Best Revises Outlooks to Stable for INSURANCE COMPANY OF GAZ INDUSTRY SOGAZ]
; Standard & Poor’s
The Standard & Poor's 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.[https://cbonds.com/company/3587/ CBonds // Organization: Sogaz][https://www.insur-info.ru/ratings/details/1/ «Страхование сегодня» // Рейтинги страховых компаний : S&P Global Ratings] At the beginning of 2021, the company had a 'BBB" ratings with "stable" outlook».{{cite web
|url = https://1prime.ru/insurance/20200918/832045615.html
|title = S&P подтвердило рейтинг "Согаза"
|lang = ru
|website = «Прайм»
|date = 2020-09-18
|access-date = 2022-01-27}}{{cite web
|url = https://www.akm.ru/eng/news/s-p-affirms-rating-of-russian-sogaz-insurance/
|title = S&P affirms rating of Russian Sogaz Insurance
|lang = en
|website = AK&M
|date = 2020-09-21
|access-date = 2022-01-27}}
; Expert RA
In July 2003, the Expert RA 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”.[https://raexpert.ru/database/companies/so_gaz/ Эксперт РА // АО "СОГАЗ" : Рейтинги компании]
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. SOGAZ acquired 7 notable companies in the Russian insurance market:
- Neftepolis (2005, formerly owned by Rosneft);
- Sheksna (2009, Severstal);
- Insurance company Transneft (2013, Transneft);
- Insurance company Alrosa (2014, Alrosa);
- ZHASO (2016, Russian Railways);
- Regiongarant (2017, Surgutex);
- VTB Insurance (2018, VTB Bank).
In December 2021 SOGAZ has also acquired all 45% indirect stake of USM, headed by Alisher Usmanov, in VK (company), mentioned as a strategic investment for the buyer.{{Cite web|url=https://www.kommersant.ru/doc/5102919|title=Холдинг USM продаёт VK СОГАЗу|language=ru|date=2021-12-02|publisher=Коммерсантъ}}
References
{{Reflist}}
External links
- [https://www.sogaz.ru/eng/ Official site of Sogaz {{in lang|ru}}]
- [https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=20970264 Bloomberg -- Company Overview of Insurance Company of Gaz Industry SOGAZ]
- [http://www.businesswire.com/news/home/20170831005934/en/A.M.-Revises-Outlooks-Stable-INSURANCE-COMPANY-GAZ A.M. Best Revises Outlooks to Stable for INSURANCE COMPANY OF GAZ INDUSTRY SOGAZ]
- [http://www.akm.ru/eng/news/2017/may/02/ns5775782.htm SOGAZ acquires largest reinsurance capacity in the market]
{{portalbar|Russia|Companies}}
Category:Insurance companies of Russia