Russian company SOGAZ plans to open by the end of this year an insurance company, SOGAZ-Serbia, with a share-capital of EUR 6 million, according to Alexey SMERTIN, group's marketing director of insurance.

Establishing a new company in another state is a complex and lengthy process. "So far we have received approval from the Serbian Ministry of Finance, positive resolution of the Antimonopoly Committee and, on August 30, 2011, we filed with the National Bank of Serbia to obtain the operating license of the insurance market. Therefore, we expect the National Bank instructions regarding transfer of funds in order to build up capital of the company", said Alexey SMERTIN.

According to the shareholders' estimates, SOGAZ-Serbia's underwritings will reach the EUR 20 million threshold within the next three years.

SOGAZ-Serbia's ownership will have the following structure: SOGAZ will hold 51% of the shares, while SRBIJAGAS will own the remaining 49%. The two shareholders will contribute proportionally to the EUR 7.5 to 8 million amount which will be invested during the first three years of activity.

More statistics and news about Serbian insurance market.

More statistics and news about Russian insurance market.