YEREVAN, July 4. /ARKA/. Ingo Armenia Insurance company intends to hit nearly 9.2 billion drams in insurance payments in 2012 thus recording the highest indicator in the country as a result of merging with Cascade Insurance, Deputy Executive Director of Ingo Armenia, former Executive Director of Cascade Insurance Garnik Tonoyan said.
Armenia’s Central Bank has approved a merger of Cascade Insurance and INGO Armenia insurance companies.
The merger has created an ‘unprecedented’ large company with an insurance portfolio of over 8.7 billion drams. The main equity stake belongs to the institutional investor- Russian Ingosstrakh.
“One of the positive results we got from the merger is a quite diversified portfolio, which doesn’t actually have any dominant directions, and the largest base of corporate clients at the market,” Tonoyan said at the news conference on Wednesday.
As a result of the merger the company got over two thousand clients, over 65 offices in Armenia, agent network of over 2,000 agents. The total number of employees in the company will reach over 320.
Executive Director of Ingo Armenia Levon Altunyan said Cascade Insurance company has rich experience at the market, good reputation and high-level services. According to him, Ingo Armenia shareholders decided to deal on the merger taking these factors into account.
“We do not speak about a takeover, but a merger. Within the last year we have developed some modern standards of Ingo Armenia, which included the best features of the both companies,” he underscored.
Altunyan also said the shareholders of the company remained the same.
The INGO International Insurance Group, created in 2004, includes insurance companies, as well as companies providing auxiliary and reinsurance services.INGO ARMENIA was founded in 1997 as an insurance company Efes. In December 2003, 75% of its shares were acquired by Russian Ingosstrakh, after which the company was renamed INGO ARMENIA. Its charter capital stands at 750 million drams. ($1 – 418. 44 drams). —0–
