In 2021, we signed a partnership agreement with one of the largest European valuation companies Troostwijk-Roux Expertises B.V. (TREX) with headquarters in Belgium. TREX is a partner of a number of large insurance companies in Europe and the USA, performs valuations for asset insurance purposes.
The insurance covers the property and production assets of international corporations, which, among other things, have factories in the territory of the Russian Federation and CIS countries. As partners of Troostwijk-Roux Expertises in Russia, Valrus performs a full cycle of work, including:
- getting information;
- conducting inspections and inventory of assets;
- replacement cost calculations;
- preparation of draft reports.
In 2022, we completed applications for the valuation of two factories engaged in the production of building materials in the Tula and Moscow regions, as well as the largest factory in Europe for the production of floor coverings.
The replacement cost of buildings, structures and equipment - everything that is located in the production areas - was valued. A obligatory requirement of foreign partners is a thorough inspection of the property, documentation of the actual location of buildings on the territory of the plant and the location of equipment inside the buildings. Significant items must be identified: brands and models, factory and serial numbers are verified, characteristics are specified. The reports are compiled in English in accordance with the requirements of international valuation standards, the requirements of the insurance groups for which the valuation is carried out, according to the standards and forms of the general contractor company. After the completion of the projects in 2022, we received high feedback from the Client.
Undoubtedly, the beginning of the Special military operation had an impact on this project. In particular, several companies that were going to make revaluations during 2022 canceled their orders. Due to sharply increased political risks, a number of corporations are shutting down their business in Russia, and accordingly insurance has become irrelevant for them. We do not exclude that in some cases the cancellation of insurance may be related to the refusal of international insurers to provide coverage in the territory of the Russian Federation.
At the beginning of 2023, the project is ongoing. A number of foreign companies do not stop their production activities in Russia and continue to insure their property. We are currently discussing the valuation of another factory engaged in the production of floor coverings, and look forward to further mutually beneficial cooperation with our foreign partners.
