‘We’ve had to halt the company’s expansion in the Russian regions because of the current financial crisis. We’ve already got five subsidiaries in Sverdlovsk, Tyumen, Chelyabinsk, and Perm Regions as well as Moscow. We did plan to acquire insurance companies throughout Russia, including those in the Volga Region, Central Federal District, and Saint Petersburg. However, now we think it would be better to stop expanding for the year 2009,’ says Severnaya Kazna Insurance Company’s GD Alexander Merenkov.

In the meantime, one of the company’s institutors Vladimir Frolov sold his 52% shareholding to Ural-avia.