ALROSA sold 99.74% of its shares in the authorized capital of ALROSA Insurance Company, OOO to SOGAZ, OAO.
The buy and sell agreement was signed on November 20, 2014. The transaction amount was defined at an open auction and reached RUB 620 million. The money was already credited to ALROSA's account.
The sale of the insurance company was carried out under ALROSA’s program aimed at disposing of non-core assets and focusing on the diamond business. The change of ownership in the insurance company will not affect the execution of its existing insurance contracts.
ALROSA Insurance Company is a universal insurance agency providing insurance protection for corporate and private customers. Its corporate clientele includes enterprises and companies within ALROSA Group, jewelry companies, large industrial enterprises, small and medium-size businesses operating in various industries, banks, leasing companies and automobile showrooms.
According to the Central Bank of the Russian Federation, the amount of insurance fees collected by ALROSA Insurance Company in the first half of 2014 reached RUB 433.8 million (which puts it on the 106th place in the Russian Federation), while the company’s insurance indemnities paid out to its customers reached RUB 134.2 million. Medical insurance occupies the largest share in the company's portfolio, or 43%. Property insurance offered to legal entities (except transport means and cargos) accounted for 17% of the collected fees; cargo insurance took up 16%, optional motor-vehicle insurance - 6% and compulsory civil liability motor-vehicle insurance - 2%.
The SOGAZ Insurance Group provides an umbrella for such insurance companies as SOGAZ, SK Transneft, SOGAZ-MED, SOGAZ-LIFE, SOT-TRANS, SOVAG (Germany), SOGAZ a.d.o. Novi Sad (Serbia), SOGAZ International Medical Center and SOGAZ Medservice. Currently, the Group's regional network includes more than 600 offices and sales offices throughout Russia.
ALROSA is the world's largest diamond producer by carat. The company is engaged in the exploration, production and sale of diamonds. ALROSA is mining diamonds in the Republic of Sakha (Yakutia) and Arkhangelsk Region. In 2013, the Company produced 36.9 million carats of diamonds earning RUB 168.5 billion in revenues.
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