Russia:VTB Strakhovaniye Insures Sky Express Airfleet

Moscow, Russian Federation (PressExposure) December 25, 2009 -- The insurance covers all the aviation fleet of Sky Express consisting of 9 Boeings 737.

The insurance sum under aviakasko totals over USD$75 mln.

In addition, the company's social responsibility has also been insured; the responsibility limit while conducting aircraft operations is USD550 mln for each airplane.

The agreement was signed with the help of the insurance broker Marsh.

"The aviation company has entered a new stage of development, and its business expansion and the company's successful development largely depend on its partners' support, - noted Sky Express' general director Marina Bukalova. - VTB Strakhovaniye is a key partner for Sky Express, so we hope for a long-term and fruitful cooperation."

We attach great importance to cooperation with an ambitious, rapidly developing company Sky Express, - commented vice general director of VTB Strakhovaniye Irina Zhachkina. - We are really glad that the company has chosen VTB Strakhovaniye as its insurance partner, and we will try to demonstrate the high quality of our services in practice. Insurance of aviation risks is an important area of corporate insurance that we are actively expanding."

Sky Express was founded in 2006 and is Russia's first low-cost carrier. It operates flights to 10 destinations in the Ural, North-West and South regions of Russia from its hub Vnukovo airport. In 2008, Sky Express carried 1 041,000 passengers and rise to the 5th largest Russian airline for domestic scheduled flights. The unified Sky Express's fleet consists of nine Boeing 737 aircrafts. Today the personnel of the Sky Express air company include more than 450 employees. The company has successfully passed IOSA audit in 2008 and was included in IOSA Registry.

OOO VTB Strakhovaniye

It has been operating on the insurance market since 2000. It is included into VTB Group. The collection of insurance premium totals RUR2.7bn for 9M09. Its branches and offices function in 46 cities of Russia. It receives ranking BB from Fitch Ratings agency in terms of financial stability with the stable forecast.

Marsh Company, founded in 1871 in New York, is the biggest world consultant in the sphere of risks, it is also an insurance broker with an annual turnover of risk management services worth US$5bn, with more than 35 000 employees in the staff and departments in more than 100 countries. In Russia Marsh's interests are represented by two entities: ZAO Marsh- Insurance Brokers and OOO Marsh-Risk Consulting. Marsh is affiliated to the group Marsh & McLennan Companies, where more than 60 000 people are employed who secure an annual turnover of US$11bn and the group's market capitalization of US$25bn. Its sister companies are Kroll, Mercer, Guy Carpenter and Oliver Wyman.

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Press Release Submitted On: December 25, 2009 at 7:39 am
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