Russian insurance firm Sogaz has opened its first foreign subsidiary in the Republic of Serbia.
The new company, Sogaz Novi Sad, is a joint venture between Sogaz and Serbian gas firm OJSC Serbiagas. Sogaz is supplying 51% of the capital, with the subsidiary's co-founder providing the other 49%.
Evgeniy Logovinskiy, deputy chairman of the Sogaz board, said: "The founding of Sogaz Serbia will enable us to realise all opportunities for insuring the risks of our corporate customers actively operating in the Republic of Serbia.
"We also believe that in the future the company will turn into a universal insurer that will be able to work with major enterprises and in mass market segments and to render a broad range of insurance services, as well as to compete successfully with leading insurance companies."
Sogaz made the decision to enter the Serbian insurance market in early 2010 and was granted a licence from the National Bank of Serbia in December 2011.
The authorised capital of Sogaz Novi Sad is €6m and the company plans to open a representative office in the capital city of Serbia, Belgrade.
The new firm intends to have a 3% share of the Serbian insurance market, excluding life insurance.
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