Ingosstrakh

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IPJSC Ingosstrakh (Russian: СПАО «Ингосстра́х») is one of the major insurance companies of Russia, as well as a public joint-stock company. Headquartered in Moscow, Ingosstrakh is the legal successor of the Chief Agency of Foreign Insurance of the USSR, founded in 1947. In 1972, it transformed into a stock company with 100% government shares. It went private in 1992. The first subsidiary foreign companies were established the Blackbaltsea (Russian: Блекбалси) in London in 1924 and the Black Sea-Baltic Insurance Joint Stock Company (SOVAG) or also transliterated as SOFAG (Russian: СОФАГ) (German: Die Schwarzmeer und Ostsee Versicherungs-Aktiengesellschaft, SOVAG) (Russian: Черноморско-Балтийское страховое акционерное общество SOFAG) in Hamburg on 7 July 1927. In Hamburg, SOFAG's sphere of activity included Austria, Czechoslovakia, Poland, the Scandinavian states and countries bordering Russia. In London, Blackbalsea covered the rest of the Europe. General representative offices of Gosstrakh (Russian: Госстрах), and later Ingosstrakh, were opened in Harbin and Tehran. Four representative offices of Ingosstrakh operate in the foreign countries – Azerbaijan, Kazakhstan, India and China. In 2007, PPF Beta Ltd, managed by the Czech group PPF Investments, became one of the owners of Ingosstrakh. In January 2007 the PPF Group together with the large global insurer Generali (Italy) created the holding company Generali PPF Holding to develop the insurance operations in the countries of Eastern and Central Europe. All PPF insurance assets in Russia were transferred to this holding, including a stake in Ingosstrakh. In January 2013, the insurance business was split between PPF and Generali, according to the terms of the transaction, the holding's share in Ingosstrakh was transferred to the Italian insurance group.