Lawyers of ROSNO Sue a Swiss Reinsurer for more than 1 Billion Rubles for the Second Time over an Accident at the Sayano-Shushenskaya Hydropower Plant

Korelskiy, Ischuk, Astafiev and Partners, Attorneys at Law succeeded for the second time to obtain a satisfactory result for the ROSNO Group's claims against a foreign reinsurer – Swiss Infrassure Ltd.  The dispute arose from an accident at the Sayano-Shushenskaya hydropower plant.

Infrassure, which reinsured the liability of ROSNO, was unable to convince the Ninth Arbitration Court of Appeals to reverse the decision of the Court of First Instance, which decided in favor of ROSNO in an amount of more than 800 million rubles.  The Court of Appeals also denied the defendant's counterclaim of more than 300 million rubles.

Partners of the Law Firm Ilya Ischuk, Konstantin Astafiev and Andrey Korelskiy represented ROSNO in this case.

As a result of the accident at Sayano-Shushenskaya hydropower plant, ROSNO Group paid to RusHydro an amount of US$200 million, which was an unprecedented amount of compensation in the Russian insurance market.  The payments by ROSNO were aimed at a speedy restoration of the plant.

ROSNO Group is one of the largest insurance groups in Russia. ROSNO’s controlling interest is held by Allianz New Europe Holding GmbH. As of 31 March 2011, equity of the company is 7,502,222 thousand rubles, insurance reserves are 17,702,436 thousand rubles.

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