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Home / Business / New Company – Insurance Group of Georgia Signs Reinsurance Agreement with Scor

New Company – Insurance Group of Georgia Signs Reinsurance Agreement with Scor

Having launched in July 2017, Insurance group of Georgia JSC is a new company on the Georgian insurance market. The capital is fully Georgian, whilst the management board has longtime working experience in insurance sector.

In terms of health insurance, the company has already managed to win the tender announced by the Georgian Railway and will serve Georgian Railway and its subsidiary companies “GR Logistics and Terminals” , LLC “GR Property Management”; LLC “GR Borjomi-Bakuriani” employees and their family members. The total number of insured amounts to around 30,000 people. which comprises roughly 6-7 % of the privately insured of Georgia, the annual written premium exceeds 5 million GEL

IGG has strong ambitions and plans to operate in non-life sector as well. According to the founder and General Director of the company Archil Morchiladze, the company has already signed a reinsurance agreement with a french company Scor, which ensures the stability of the non-life insurance line (property, cargo, etc.) of the Insurance Group of Georgia and will also enable the company to offer competitive proposals to the potential clients. Scor is the 4th largest re-insurer in the world according to Standard & Poor’s Holds AA- rating.