FIRST YEAR OF CASCADE INSURANCE’S ACTIVITIES EFFICIENT
Noyan Tapan
Apr 05 2006
YEREVAN, APRIL 5, NOYAN TAPAN. The first year of the activities of
Cascade Insurance was efficient – this universal insurance company
signed 381 insurance contracts, 110 of which were related to insurance
of property, 94 – cars, 85 – cargo transportation, 13 – medical
insurance, and 37 life insurance contracts were signed. The insurance
payments to the company amounted to over 400 thousand USD, while the
compensations paid totalled over 24 thousand USD. NT correspondent was
informed about it from Levon Mamikonian, Director General of Cascade
Insurance. According to him, the demand for medical insurance is
especially great: 1,120 persons were insured. He said that Cascade
Insurance has been providing this type of insurance services since
mid 2005, mainly to foreign legal entities operating in Armenia and
representatives of international organizations. Cascade Insurance
started operating in January 1, 2005, as part of Cascade Capital
Holding set up by the Cafesjian Family Foundation. The European Bank
for Reconstruction and Development (EBRD) acquired 35% of Cascade
Insurance’s shares in August of the same year.