Ugoria Insurance Company and Surgutneftegas Insurance Company have completed the merger, according to a statement by Ugoria CEO Alexey Okhlopkov on his Vkontakte page.
"Given the current competitive environment, larger companies stand a better chance to succeed. We need to invest heavily in technologies of sales and services and to spend on the brand promotion. It's quite important for us to leverage the scale to save," he wrote.
Surgutneftegas Insurance Company is a universal regional insurance company operating in the market since 1996. The company was founded by Surgutneftegas OJSC, one of Russia's leading oil and gas producers.
Ugoria Insurance Company provides services in the compulsory motor TPL insurance (OSAGO) and comprehensive automobile insurance (KASKO) segments.
