Rosgosstrakh () is a Russian

insurance 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 protect ...

company. It was the largest

company in Russia for many years but is now the second largest, behind SOGAZ. Rosgosstrakh was the main sponsor of the Russian National Football Championship. As Russia began its

2022 invasion of Ukraine On 24 February 2022, , starting the largest and deadliest war in Europe since World War II, in a major escalation of the Russo-Ukrainian War, conflict between the two countries which began in 2014. The fighting has caused hundreds of thou ...

, Rosgosstrakh was sanctioned by the US on 24 February 2022.

History

Rosgosstrakh is the successor of Gosstrakh USSR, which was founded in 1921 during the

Russian Soviet Federative Socialist Republic The Russian Soviet Federative Socialist Republic (Russian SFSR or RSFSR), previously known as the Russian Socialist Federative Soviet Republic and the Russian Soviet Republic, and unofficially as Soviet Russia,Declaration of Rights of the labo ...

. Gosstrakh was the Russian government-owned insurance monopolist until 1947, when Ingosstrakh was established as agency of foreign insurance. Rosgosstrakh became a state-owned

joint stock company A joint-stock company (JSC) is a business entity in which shares of the company's capital stock, stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their share (finance), shares (certifi ...

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 Interfax () is a Russian news agency. The agency is owned by Interfax News Agency joint-stock company and is headquartered in Moscow. History As the first non-governmental channel of political and economic information about the USSR, Interfax ...

, and public websites of the 20 leading Russian insurance companies. 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". 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 In business and finance, a golden share is a type of share of stock that lets its owner outvote all other shareholders in certain circumstances. Golden shares often belong to the government when a government-owned company is undergoing the process ...

. In 2018 Rosgosstrakh acquired ''Ergo Life'', a Russian-based subsidiary of German insurance company

Munich Re Munich Re Group or Munich Reinsurance Company () is a German Multinational corporation, multinational insurance company based in Munich, Germany. It is the world's largest reinsurance, reinsurer. ERGO Insurance Group, ERGO, a subsidiary of Munich ...

References

External links

Official site of Rosgosstrakh
(in Russian) *
Official site of Rosgosstrakh
(in English) {{Authority controlНнея 1992 establishments in Russia Financial services companies established in 1992 Insurance companies of Russia Companies of the Soviet Union Companies based in Moscow Companies listed on the Moscow Exchange Russian entities subject to U.S. Department of the Treasury sanctions