NEW REINSURER ‘INGO-ARMENIA’ APPEARS ARMENIAN INSURANCE MARKET

ArmInfo
2008-10-21 19:20:00

ArmInfo. CJSC "INGO Armenia" received a license for reinsuring
"non-life" class risks, the press-service of the Central Bank of
Armenia told ArmInfo.

Director of "INGO Armenia" insurance company Levon Altunyan said
that the company will take up reinsurance of a number of Russian
insurance companies.

According to him, negotiations are being held with local insurance
companies as well. Altunyan said that the volume of premiums for
reinsurance by INGO Armenia will total about 40 mln AMD in 2009.

To note, INGO Armenia has been operating in the Armenian insurance
market since 1997. As of September 30, 2008, the equity capital of the
company totalled 1.3 bln AMD. By the total volume of premiums collected
in the first half year of 2008, the company holds the 2nd position
among 10 insurance companies in operation. The company holds the 1st
position by insurance of vehicles, cargo carriages, various kinds of
responsibility, as well as insurance against fires and disasters. INGO
Armenia is in the top three insurance companies by the volume of
premiums collected from insurance of financial risks, medical risks,
as well as insurance of those leaving Armenia and accident insurance.