OREANDA-NEWS  On 04 March was announced, that SOGAZ-Agro comes to agricultural insurance market.

By the end of March this year, Neftepolis Insurance Company, a business within SOGAZ Insurance Group, will have been renamed to SOGAZ-Agro, with agricultural insurance being its new line of activities, Chairman of the Management Board of SOGAZ Insurance Group Vadim Yanov told journalists on Monday.

The decision to rename the company is connected with the rebranding of SOGAZ Group expected to result in the construction of SOGAZ’s standard umbrella brand. The company’s new name reflects the area it specializes in, namely: insuring agro-industrial businesses.

According to Vadim Yanov, SOGAZ-Agro intends to establish itself by 2012 as a leader in the insurance market for agricultural producers with at least a 10% market share in terms of premiums collection. Another strategic objective of the company is to form a stable well-balanced portfolio with an optimal diversification by types of insurance and territories of insurance coverage.

On January 14, 2009, the company received an agricultural insurance license.

Neftepolis Insurance Company is presently included in the list of insurance companies authorized to service customers of Rosselkhozbank and the list of insurance companies, which meet the requirements of credibility (financial strength) set by Resolution No.1091 of the Government of the Russian Federation, dated 31.12.2008 with respect to state-assisted insurance of agricultural crop harvests, perennial plants harvests and perennial plantations.

The company is also a member of the National Agricultural Insurers Union, the Russian Grain Union and the Russian Leasing Companies Association.