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Russia-based Rosgosstrakh Life announces name change

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Russia-based Rosgosstrakh Life announces name change

Russia-based LLC Insurance Co. Rosgosstrakh - Life said Sept. 4 that it changed its name to LLC Capital Life Strakhovanie Zhizni.

The firm was recently sued for 116.6 billion Russian rubles by its former sister unit Rosgosstrakh Insurance Co. (PJSC) over the use of the Rosgosstrakh trademark.

Mikhail Zadornov, Otkritie Financial Corp. Bank CEO and Rosgosstrakh's board of directors head, welcomed the name change by Capital Life, but noted that the lawsuit will not be withdrawn for now as there are other issues that still need to be resolved between the parties, including insufficient payments for the use of the Rosgosstrakh brand in the past.

As of Sept. 4, US$1 was equivalent to 68.09 Russian rubles.