The article, through the eyes of direct participants - the initiators of the insurance education body formation created on the basis of the Faculty of Economics of St. Petersburg State University, consider a step-by-step description of this process. The trigger and stimulus of this process appeared to be the international cooperation between St. Petersburg State University and leading universities of other countries. The article describes the following stages of a new direction of personnel training at St. Petersburg State University: conducting international schools, seminars, training, internships on the basis of St. Petersburg State University and other European universities; formation of a new insurance (actuarial) specialization in the SPbSU Department of Economic Cybernetics; the support of St. Petersburg State University as the main founder of the Institute of Insurance - a non-governmental educational structure; Department of insurance organization at the Faculty of Economics; the Institute of Insurance acquires the status of a department of the faculty; the transformation of the Department of Insurance into the Department of Risk Management and Insurance.