OREANDA-NEWS. December 01, 2008. The volume of inwards reinsurance premiums collected by SOGAZ Insurance Group in the first nine months of 2008 amounted to RUR 1,025,000,000 thus exceeding the level of RUR 1 billion for the first time in the Group’s history. If compared with the performance of the same period last year (RUR 281,900,000), it has grown by 364.7%, reported the press-centre of SOGAZ.

According to Deputy Chairman of SOGAZ Insurance Group Management Board Korney Bizhdov, SOGAZ views reinsurance as one of its business priorities and plans to become a leader of the Russian reinsurance market by 2012. “Inwards reinsurance premiums collected by SOGAZ are now mainly accounted for by industrial risks of energy businesses that the Group specializes on. We are dynamically expanding our cooperation in this area with other Russian and foreign insurers within the framework of reinsurance programs”.

It should be recalled that the Group’s management took a decision to develop reinsurance operations as one of strategic objectives of SOGAZ in the middle of 2007. In 2008, the growth rate of premiums collected in inwards reinsurance operations reached 184% in the first quarter, and 298% in the first half of the year.