HISTORY

1993 – Founding of GEFEST

GEFEST insurance company was incorporated in Moscow on December 29, 1993.

The company was founded by Alexander S. Millerman and Vladimir P. Chubukov, graduates of the Moscow State University of Railway Engineering.

The company was created to provide insurance of construction risks. By that time, Alexander Millerman had had a working experience with the Research Institute of Transport Construction and had obtained the Candidate of Sciences degree through a dissertation dedicated to optimization of superstructures during construction of underground facilities (the topic close to present risk management issues).

The company was co-founded by the largest transport engineering companies, including Mostotrest, Mostootryad 19, Centrodorstroy etc.

Alexander S. Millerman: “Why did we name our company GEFEST? According to the Ancient Greek mythology, Gefest (Hephaestus) was the only god who actually worked at Olympus – he was making weapons, built palaces. We found this symbolic and suitable for the company like ours, a working company which protects the interests of workers.”

1994 – 1998 Laying out foundations of CAR insurance

GEFEST founded the CAR insurance market in modern Russia. During the first years of company’s operation, GEFEST experts adapted foreign CAR insurance standards to Russian construction industry environment.

In 1996, the second part of the Civil Code of Russia was enacted, imposing all responsibility for damage caused to the facility under construction, to the contractor. This fact urged the contractors to insure their risks and helped to further develop the CAR insurance market in Russia.

In 1997, GEFEST signed an insurance contract for reconstruction of Moscow MKAD (a ring road encircling the City of Moscow). This project was the first to implement company’s methodological schemes for insurance of large-scale construction projects. For the first time in Russia there was applied a general CAR insurance contract.

A head office of GEFEST is opened in one of the famous “Stalin skyscrapers”, where the Ministry of Transport Construction had been located in Soviet period. In 1998, the first branch office is opened in Saint-Petersburg. The first loss is adjusted – collapse of a bridge flyover at the 66th kilometer of MKAD.

1999-2003 Embracing the construction industry

The company insures a number of large-scale construction projects, including The Third Ring Road in Moscow and the Ring Road in Saint-Petersburg.

GEFEST gets together a unique team of experts in the field of technical risks, each person possessing engineering education and relevant working experience. Vladimir Karyukin, Mikhail Ermishkin and Andrey Sveshnikov join the company. The company now boasts the highest level of experience in construction project risk assessment, construction process monitoring and loss adjustment.

In 2003 the largest indemnity in the history of Russian construction insurance market is paid in the amount of 106m roubles, for a loss occurred during the construction of the Lefortovo tunnel in Moscow.

An obligatory reinsurance treaty is signed with Munich Re – a world-wide leader in construction risk insurance. The company gains respect and acknowledgement in the international reinsurance market.

By 2003, the company is represented in 18 regions of Russia, providing 30+ general and specialized types of insurance. A small affiliated company in the beginning, GEFEST becomes a comprehensive brand name, known to all construction companies in Russia.

2004 - 2008 Highest level of complicated risks insurance

The company provides comprehensive insurance for all types of transport, industrial and civil construction under any environmental, climatic and organizational conditions in most regions of Russia.

GEFEST insures the largest investment and construction projects in the state: Zvenigorod Highway with Serebryanoborsky tunnels and Zhivopisny cable truss bridge, Vnukovo and Domodedovo airports in Moscow, Ring Road, a system of flood protection facilities in Saint-Petersburg, parts of federal highway M-4 in Voronezh and Rostov regions, spur railway line Berkakit -Tommot – Yakutsk in the Sakha (Yakutia) Republic. The company takes part in nationwide projects and federal target programs as an insurer of strategic investment and construction risks.

Applying the obtained experience, our experts develop the insurance programs for construction and renovation of airports, railroads, sports facilities, office buildings and architectural landmarks.

GEFEST becomes the second Russian company to join IMIA – the International Association of Engineering Insurers, comprising the world leading companies in this market.

In 2006, General Director of GEFEST Alexander Millerman obtains a doctorate degree through a dissertation on the basics for construction risks insurance – for the first time in Russia.

The company maintains leadership in insurance methodology research, actively develops new competencies, related to the insurance of projects executed under state-private partnership as well as by self-regulatory organizations in construction.

GEFEST becomes one of few Russian insurance companies to be assigned with a financial stability rating by Fitch Ratings – a leading international agency.

Branches and representative offices are opened in Kazan, Novosibirsk, Vladivostok, Krasnodar, Sochi, Ulan-Ude.

Company’s insurance portfolio is greatly expanded through contracts for corporate property insurance, cargo insurance, equipment insurance.

2009 – 2010 Comprehensive corporate insurer

Remaining a leader in construction insurance, GEFEST successfully develops as a corporate insurer for other industries, including power generation, transport, railroads.

GEFEST becomes one of insurers for infrastructure projects developed in Sochi for 2014 Winter Olympic games and in Vladivostok for 2012 APEC summit.

In 2010, GEFEST paid the largest indemnity in the history of Russian CAR insurance market in the amount of 509m roubles (USD 17m approx) for the loss occurred during construction of a cargo port in Sochi damaged by storm.

The company is a leading expert in developing industry insurance standards for members of construction SROs. General Director of GEFEST Alexander Millerman headed the working group set by All-Russia Insurers’ Union, which developed relevant methodological recommendations approved by National Union of Construction SROs and the Ministry of Regional Development of Russia.

In 2009, GEFEST moved its Moscow headquarters to a new Four Winds business center at Tverskaya-Yamskaya street.

Company’s business processes continue to be improved, in order to gain more competitive advantage as a comprehensive insurer. Insurance projects are further developed in spheres of property, cargo, rail transport insurance.