INGO ARMENIA INSURES ARMENAL FACTORY

ArmInfo
2010-05-14 13:19:00

ArmInfo. INGO ARMENIA insurance company has recently insured the
property of ARMENAL Factory and its risks of production suspension.

The parties made a 1-year insurance contract. The total insurance
coverage is $438mn. INGO ARMENIA and ARMENAL have been cooperating
for over 7 years already. The company is responsible also for cargo
insurance of ARMENAL.

ARMENAL foil rolling mill was founded in May 2000 as part of the
Kanaker aluminium smelter. It is one of the biggest production
facilities in Armenia and is the only producer of aluminum foil in
the Caucasus and Central Asian regions. ARMENAL forms the Packaging
Division of RUSAL Company. The mill employs 700 people and exports
production to Europe, Middle East and USA.

INGO ARMENIA Insurance Company was founded in 1997. It is an affiliated
company of the Russian INGOSSTRAKH. The company is the market leader
in terms of the key figures. In particular, in the property risks
and freight activity segment the company collected 172 million drams
and 33 million drams premiums, respectively, for Q1 2010. In fact,
INGO ARMENIA ranked the first in the market encompassing 10 insurance
companies.