Ecodolie Developments Insured by Alfa Strakhovanie

AlfaStrakhovanie won the contest and signed a long-term partnership agreement with the Ecodolie Management Company that implements integrated development projects and builds large-scale low-rise economy-class housing developments in the Russian Federation. According to the contract, the insurer will insure property, liability, construction machinery and equipment against unfavorable events that may happen during construction and installation. The Orenburg branch of AlfaStrakhovanie signed 11 construction and installation insurance contracts for 11 houses in Ecodolie Orenburg. The Obninsk branch insured ten homes in Ecodolie Belkino in Obninsk.

The Ecodolie Management Company is a new client of AlfaStrakhovanie. Ecodolie was established in October 2007 by BVPEF, the largest direct investment fund in Eastern Europe under the management of Baring Vostok Capital Partners (BVCP) specializing on investment projects in Russia and former CIS countries. The Company is currently working on three projects – Ecodolie Orenburg (over 4.2 thousand homes for 14.6 thousand residents are being built on a site of 387 ha), Ecodolie Belkino and Ecodolie Kaluga in the Kaluga Region. At the all-Russian teleconference meeting regarding low-rise housing development, having heard a report from Ecodolie by Yury Berg, Governor of the Orenburg Region, Vladimir Putin, Chairman of the Russian Government, said that the arrangement of public-private partnership in construction of the housing development is “an ideal solution of the issue”. In the next two years, Ecodolie plans to launch similar projects in ten Russian regions including the Moscow, Leningrad, Samara, Sverdlovsk, Rostov Regions, Republic of Bashkortostan and the Krasnodar Territory.

Ecodolie is the first project in My Home program for low-rise housing development of the State Duma”, said Mr Konstantin Filippishin, General Director of Ecodolie. It is used as a basis for trying out advanced house building technologies as well as legislative and regulatory documents. It is no coincidence that the housing development received ten international and national awards including FIABCI by the International Real Estate Federation which no company in Russia has ever received for energy efficient low-rise housing development. The signing of construction and installation insurance contracts with AlfaStrakhovanie is another confirmation that Ecodolie is built according to best international practices”.

“Any unforeseen events that can happen on construction site are a serious risk to both the contractor and customer”, says Mr Valentin Shevchenko, Advisor to the General Director of AlfaStrakhovanie. “Insurance of construction and installation risks by our company will ensure continuity and compliance with construction terms of Ecodolie housing”.

AlfaStrakhovanie Group:

The AlfaStrakhovanie Group unites AlfaStrakhovanie, AlfaStrakhovanie-Life, AVIKOS, Aviation Fund Unified Insurance (AFES), AlfaStrakhovanie-MC, VIRMED Medical Insurance Company, AlfaStrakhovanie Medical, AlfaMedProyekt, AsStra Health Insurance Company and Moskva Insurance Company. The Group’s equity totals over 8.5 billion rubles. The AlfaStrakhovanie Group is a part of AlfaGroup financial and industrial consortium (Alfa-Bank, Alfa-Capital, TNK-BP, A1, Rosvodokanal, X5 Retail Group N.V., Altimo, etc.). The Group offers over 100 licensed insurance products including life and accident insurance. In Russia the Company operates through over 400 regional representations. The Group’s services are used by 3.3 million of private clients and over 323 thousand companies. The Group has a Fitch rating and A++ by Expert RA.