As part of its corporate programme to dispose of non-core assets in order to “focus on diamond mining exclusively”, Alrosa has sold its 99.74% stake in Alrosa Insurance Company to SOGAZ, a major player in the Russian insurance sector.

The two companies inked a share purchase agreement on 20 November. The sale price of RUB 620 mln was arrived at through an open auction and Alrosa has already received the payment.

The company assured customers that the change of ownership will not affect outstanding insurance contracts.  Alrosa IC offers insurance coverage to retail clients and corporates, including Alrosa  and its subsidiaries, jewellery companies, large industrial enterprises,  and a variety of small and medium businesses, banks, leasing companies, car dealers.