Pavel Zubrilin: “ the Price of our business very much depends on aspirations of investors “Crash of the local General insurance company (GSK) has caused a shaft of assumptions and conjectures in the market of insurance services. It and it is no wonder, after all in the summer of last year occurrence GSK in structure of the financial group declared the largest Petersburg insurance company “ Russian world “. That actually has occurred with GSK and to whom belongs itself “ Russian world “ to correspondent IVAN MAKAROVU the general director and co-owner SK " has told; Russian world “ PAVEL ZUBRILIN.
- First of all as you can comment appeared on the market simultaneously with crash GSK on the information that “ Russian world “ already it is ostensibly sold the companies “ Rosgosstrakh “? And who is for today shareholders “ Russian world “?
- to Make comments on hearings business ungrateful. I can tell that the list of shareholders of our company essentially does not change already for a long time. Recently we have spent new issue, among our former shareholders, and some redistribution of packages has occurred. But it is the old structures which names connected with banking house " earlier; St.-Petersburg “. The Controlling interest remained behind the same structures, as earlier. Proprietors “ Russian world “ throughout all 2006 and on the present discuss a number of offers on occurrence of new structures in a company authorised capital stock. There is a number of offers from foreign investors, a number of offers from the Russian investors. Including there is a number of offers and from those people who connect with “ Rosgosstrakh “. But I can declare absolutely confidently in frameworks of those powers which I have as the general director, and within the limits of that information which I possess: from Open Society “ Rosgosstrakh “ we do not conduct negotiations.
- you that Could explain it for the people connected with “ Rosgosstrakh “? A top - managers of this company or its affiliated divisions?
are The people who are co-owners “ Rosgosstrakh “. We carry on with them certain negotiations. But no more that. Transactions known to me for today has not occurred. Similar hearings about change of shareholders at the large insurance companies appear in the market often enough. Certainly, it is important to clients to know, who owns the company property as this property passes from hand to hand. But it is not necessary to forget and about how the insurance company works, than is engaged. Proprietors of the company can change, but if thus management remains, the ideology of the company remains, problems remain with the company, change of proprietors and transition of controlling stocks or not control does not render special influence on its activity.
- In how many you estimate today cost of the insurance company “ Russian world “?
- the Market of insurance services grows, and I think, it is now warmed up. Interest to acquisition of the various insurance companies constantly grows and is exaggerated in a press. I think, the price of 100 percent of shares of the company “ Russian world “ makes approximately $70 - 100 million Here all depends on that, the how much strongly strategic investor will be interested in a company infrastructure.
if it comes whence - that from the outside, say, is foreign financial structure, to it extremely important presence sew the companies in regions and business development at federal level for it our business will be estimated on the highest lath. If the strategic investor is interested in business development only in Petersburg it will estimate our regional achievements on - to another and more attention will turn on profitability of our insurance portfolio across Petersburg. Therefore the price very much depends on aspirations of investors. But at once I will make a reservation that those negotiations which go now with potential buyers, assume that the top - management should remain in the company. So anyway any revolutionary changes I in “ Russian world “ I do not expect.
- “ Russian world “ and itself actively buys insurance business. What policy of your company concerning bought by shareholders “ Russian world “ the insurance companies?
- We wanted and we want to develop. And such development including in Petersburg, it is sometimes possible at the expense of purchase of this or that insurance company. Company purchase " was last acquisition; Cruise - With “ Which very successfully co-operates with us, carrying out thus absolutely independent to the policy in the market. There the top - management remained on the places. In the person “ Russian world “ “ Cruise - With “ has the financial partner. All those client operating time which were at this company on voluntary medical insurance, it has reserved and has added the assortment of services at the expense of work with us under the agency contract. The company not only has kept that client segment for the sake of which we and bought them, - the enterprises of ship-building branch, - but also actively business - directions develops on others.
- and when in the summer of last year you declared that GSK will enter into a group of companies “ Russian world “ you wanted to realise the similar scenario?
- If to be historically exact GSK some years were a part of banking house “ St.-Petersburg “ then still high-grade financial holding. GSK has left holding together with bank “ St.-Petersburg “ to which legally also belonged. Therefore it was a question of returning GSK in structure of banking house as the participant of holding equal in rights and the independent player in the market of insurance services last summer. It was supposed that two such large in the local market the insurance companies should conduct the co-ordinated policy. And “ Russian world “ at the same time begins on a level with GSK to work with bank “ St.-Petersburg “ as the authorised company.
a number of problems management GSK saw in company work in the regional markets. Managers GSK believed that their this work is not always favourable to the company and shareholders, but shlopyvanie regional business would be very painful for GSK. Therefore also the joint plan on which at an exit from regional business GSK will lean against a network of our company for minimisation of losses has been developed. Formally it has been fixed in the contract on representation of interests GSK by us on OSAGO in regions, but we, naturally, helped and with documents acceptance at clients GSK on avtokasko. The situation was simple: in the city of Iks branch GSK as it is unprofitable was closed. The client comes and searches, who can tell to it distinct words that it to do at insured event occurrence. Comes to us, and we tell it these distinct words. In the present state of affairs I of anything bad in it do not see. As the same contracts about representation of interests within the limits of OSAGO at us are concluded with with more than 20 insurance companies.
- but the transaction on purchase of the General insurance company and has not been finished?
- Bank “ St.-Petersburg “ has told: “ I Sell “. Shareholders of our company have answered: “ Well, let`s look, what synergy can be from teamwork in the market “. We have started to study this question, and it became clear in the autumn that no especial synergy will exist. I, as the head of insurance group “ Russian world “ has reported on it on shareholders. On it, as far as I understand, the question on the property has been closed. To whom now belongs GSK, I do not know, but is exact not to us or our present shareholders.
- why you did not declare rupture of the transaction in the autumn or in the beginning of winter?
- Because to push the company to edge and to create an unnecessary agiotage I considered wrong. It is not excluded that as a result of such announcement all top - company management would run up every which way and we would have the second “ Trust “: the empty offices, the plundered actives and more anything. Therefore concerning GSK we did not give any comments. I considered incorrect, having received the certain insider information, to sound it in a press.
- why, in your opinion, there was crash GSK?
- If to analyse the reasons, that, in my opinion, they are covered that on the start of an exit on market OSAGO the small Petersburg company, strong and solvent at that point in time, has committed a strategic error, having established the overestimated expenses on sale of policies OSAGO and low tariffs on avtokasko. It is obvious that tariffs GSK were not weighed and have allowed it to occupy the big segment of the market only. Perhaps, shareholders of the company, maybe, a top - managers GSK have incorrectly calculated money a little: it was necessary to consider them as strangers, and they have counted them as the. Say, OSAGO will be still many long years, we will close these debts. And instead of formation of reserves spent money, say, for network development. In the market it is a lot of such companies. Anything unique here, unfortunately, is not present. Now still will understand, probably, whether where actives GSK and all they on a place have got to. But if to me directly to raise the question, whether stole a top - managers GSK I will answer that, on my sensations, did not steal. Simply were not able to manage.
- why you then took these “ not able to manage “ managers for work in “ Russian world “?
- Errors have been connected with last times. When we have started studying of business GSK at once have told that it is impossible to pay the big commissions on OSAGO and such high, in 1,5 - 2 times above srednerynochnyh, salaries to employees in the summer. Certainly, if the company stops to pay the big commissions at it receipts fall, money comes to an end and there are difficulties. But if to continue vicious practice and more deeply to exhaust in the company “ a needle “ OSAGO the financial pyramid which crash finally will be much more serious is built and will mention all. If to speak about Sergey Azisove who has headed our Petersburg branch, I know it for a long time personally. It good klientshchik and the capable manager if it to put in rigid frameworks of internal regulations.
- whether it is possible that on GSK the scenario has been fulfilled, which true buyer of this company expects to realise subsequently in the relation “ Russian world “? So that, having bought your company, to clean it from the market, to grasp an infrastructure, client business, to translate to itself for work of key managers and thus to hang up all debts on insurance community?
- will not wait! In - the first, it is incorrect to say that with GSK has been realised mentioned by you “ the scenario “. In - the second, once again I will repeat that while I am the general director and one of proprietors of the company, absorption variants “ Russian world “ with vyshvyrivaniem it from the market and trade mark destruction are excluded! We were, is and we will be the separate legal body, with the for a long time a known brand in the market and absolutely independent market policy.