September 25, 2013, 15:23 / Business

Sogaz buys the insurance subsidiary of Transneft

S. Porter / Vedomosti

Sogaz was recognized as the winner of the open tender of AK Transneft OJSC for the acquisition of 98.9% of the shares of the insurance subsidiary of the transport company - Transneft SK JSC. This is stated in the materials of Transneft itself for the competition.

As Vedomosti previously wrote, the insurer's shares were put up for sale at the end of August. Applications for the competition were submitted by Sogaz (9.396 billion rubles) and Vneshprombank (8.5 billion rubles) with an initial price of 8.428 billion rubles.

From the materials of AK Transneft it follows that “OJSC Sogaz offered the best conditions for the execution of the contract.” Sogaz itself has already submitted a petition to the FAS for acquisition.

As Sergei Ivanov, Chairman of the Board of Sogaz, noted, for the company this transaction “in terms of the level of risk and costs, including integration, is similar to organic growth, since we are acquiring an asset that we absolutely understand with high profitability.” “The financial transparency of the company, high capitalization of assets, strong competencies in the field of corporate insurance, profitability of insurance operations and the presence of a professional team are important for us,” explains Ivanov. “In terms of its main parameters, including the structure of the insurance and client portfolio, investment policy, infrastructure sales and operating platform, the insurance company Transneft has much in common with Sogaz.

According to him, Sogaz is now awaiting a decision from the FAS on the petition. “If the FAS makes a positive decision, we plan to close the deal during October-November of this year,” notes Ivanov.

“We continue to service strategically important risk insurance contracts for the Transneft system, which were concluded by the company based on the results of won competitions and will be valid until the end of 2015,” said Kirill Brovkovich, General Director of Transneft Insurance Company. “The unconditional priority of Transneft IC throughout its existence has been to provide high-quality insurance protection to organizations of the Transneft system, its employees and families, as well as numerous partners and contractors of the system. I consider this same task to be the most important for the future,” he added .