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.