Strahovaya Companiya Sheksna (Sheksna Insurance Company), a Severstal subsidiary, today presents its insurance and other business divisions to Vologda residents at the opening of a new branch office in Vologda, the region's capital.

According to Anatoli Sokolov, company's general director, "We are opening a new office as a result of the company's successful expansion into the Vologda region's insurance market as well as development of relationships with financial institutions and industrial companies. Our representative office was able to expand the list of clients, increase amount of contracts and the volume of insurance transactions."

"Sheksna will be able to offer a broad range of services through its Vologda branch, including also its subsidiaries' lines of business," said Anatoli Sokolov.

For example, Sheksna-Gefest, founded by Sheksna company and Severstal labor union, offers an additional pension plan. In 2001, 68,848 individuals joined this pension plan. Sheksna invests pension premiums into reliable and profitable projects, which allow them to generate earnings. Presently pension fund's financial resources stand at 204 million rubles. Last year 2,497 individuals received privately funded pensions in the amount of 19 million rubles.

In October 2001, Kommersant-Dengi (Kommersant-Money) magazine Sheksna-Gefest ranks 17th among private pension funds in Russia.

Sheksna insurance company was established in Cherepovets on June 21, 1994. In seven and a half years of working with Russian customers, the company received licenses for 40 types of insurance services.

Today company's paid up authorized capital stock amounts to 150 million rubles. Severstal and Cherepovets Steel-Rolling Plant are Sheksna's main shareholders.

In 2001, three types of insurance (property, accountability and life insurance) offered by Sheksna Insurance company allowed it to collect insurance premiums in the amount of 845,220 thousands of rubles.

Sheksna's subsidiaries include Insurance Company Sheksna-M, which carries out both compulsory and voluntary medical insuring, pharmaceutical company Sheksna-Pharma, which sells medical goods and pharmaceuticals, and tourist company Sheksna-Tur, which hosts Russian and foreign tourist in Vologda region, arranges vocations and medical treatment in Russia and the CIS countries, and books tours to foreign destinations.