Sheksna insurance company, part of Severstal group, began insuring deposited properties of companies, which receive loans from Vneshtorgbank.
   Sheksna Insurance company and Russian Vneshtorgbank signed an agreement on cooperation aiming at integration of banking and insurance services.
   According to Anatoly Sokolov, Sheksna's general director, "We think it's a positive step in our relationship. Now Sheksna insurance company is a Vnehstorgbank partner and we have an opportunity to place insurance premiums in one of the largest banks in Russia. It has branches in many regions, which are important to us."
   Bank's recommendation of Sheksna as an insurer of deposited property will enable it to broaden the scope of insurance business and increase the number of clients. Further, Sheksna counts on effective use and growth of financial resources placed in the accounts of Vneshtorgbank. Within the framework of the agreement Sheksna may take part in investment projects of Vneshtorgbank as well.
   Sheksna has already ensured deposited properties of Vneshtorgbank borrowers in the amount of 90 million rubles. Besides insuring deposited property, Sheksna will insure credit card holders travelling abroad.
   Sheksna insurance company has a number of subsidiaries. It is the largest insurance company in the northwest. The St. Petersburg Insurance company - it's main competitor - collected 2,5 times less in premiums. In 2001, Sheksna had licenses for 40 types of insurance. Aside from the traditional types of life insurance, it offers medical and retirement insurance, pharmaceutical goods and trips to various destinations.