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Report: Rosgosstrakh Life to change name following trademark lawsuit

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Report: Rosgosstrakh Life to change name following trademark lawsuit

Russia-based LLC Insurance Co. Rosgosstrakh - Life decided to change its name to Capital Life following a recent lawsuit launched against the company by its former sister unit Rosgosstrakh Insurance Co. (PJSC), news agency Prime reported June 13, citing the company's president, Evgeny Giner.

Vedomosti reported earlier in June that Rosgosstrakh, bailed out by the Russian central bank together with its current parent Otkritie Financial Corp. Bank in 2017, filed a 116.6 billion Russian ruble lawsuit against Rosgosstrakh Life over the use of the Rosgosstrakh trademark. Rosgosstrakh argued at the time that an agreement on the use of the brand by Rosgosstrakh Life, signed under previous ownership, is damaging for the insurer and misleading to customers.

Giner also said that he had gained permission from Russia's Federal Antimonopoly Service to acquire Rosgosstrakh Life and that he was in the process of sorting out purchasing documentation with the Russian central bank, news agency RBK reported June 13.

Rosgosstrakh Life is a company set up by Russian businessman Danil Khachaturov, who also owned insurer Rosgosstrakh before its 2017 sale to Otkritie. In 2016, Khachaturov sold Rosgosstrakh Life to his business partner Alkhaz Sangulia. However, in April 2018, Giner said that he was the rightful owner of Rosgosstrakh Life.

Meanwhile, Khachaturov said that he wanted to sue Otkritie Bank because the lender failed to fulfill all terms and conditions related to the acquisition of Rosgosstrakh, RBK also noted.

As of June 14, US$1 was equivalent to 62.15 Russian rubles.