Schwarzmeer und Ostsee Versicherungs-Aktiengesellschaft SOVAG is an insurance company under German insurance supervision with a long tradition and registered office in Hamburg. The company was founded in 1927 by the former USSR and is established on the German and international insurance markets as a primary insurance and reinsurance company.
In the 2017 financial year, SOVAG’s capital base was strengthened by a contribution of EUR 10 million and a comprehensive restructuring process was initiated with the appointment of a new Management Board. The existing, no longer economically viable insurance business is about to be transferred to another insurer.
The insurance programme included various non-life insurance lines of business in eight European countries. Sales were made primarily through national and international brokers. Relationships with the previous sales partners have been properly settled.
The restructuring will be completed in the third quarter of 2018. The fundamental strategic realignment of the company will begin in the 2018 financial year. By the end of 2017, the company's risk profile had already improved significantly and an economic turnaround was initiated, which already manifested itself in the first quarter of 2018.