OREANDA-NEWS. In accordance with the sale and purchase agreement with United Credit Systems JSP, 75.01% of its shares in ZHASO Insurance Company were acquired by SOGAZ on February 12. With the stock acquired earlier, SOGAZ Insurance became the sole owner of ZHASO Insurance.

"The acquisition of ZHASO Insurance fully complies with SOGAZ strategy focused on strengthening its position in the segment of large and medium-size business insurance. The process of ZHASO integration into SOGAZ Insurance Group will begin in the near future and continue for about two years. At this stage, the provision of high quality services to current clients of ZHASO, the extension of their product line, and the implementation of advanced technologies in the process of loss settlement are of key importance. "This is a priority task for us to focus on", said Sergey Ivanov, Chairman of the Board of SOGAZ.

As agreed by the parties, the value of this transaction is not disclosed. "This was a market price satisfactory to both parties", noted Sergey Ivanov.

We would like to remind that SOGAZ acquired 24.99% of shares in ZHASO Insurance in December 2015. At the same time, four SOGAZ representatives were appointed to ZHASO Board of Directors. In January this year, Kirill Brovkovich was appointed the Director General of ZHASO Insurance, while continuing to perform his duties as the Deputy Chairman of the Board of SOGAZ. The Federal Antimonopoly Service (FAS) approved the application of SOGAZ for purchasing the 100% of shares in ZHASO Insurance Company on February 9.