Cascade Insurance increases share capital

"This additional commitment from our US and European shareholders enhances our stability and provides a secure financial platform for growth in a dynamic, developing market, focused on our core value of customer service" stated Jonathan Stark, CEO of Cascade Capital Holdings.

This additional capital increase will provide an opportunity to create new customer oriented insurance products that appeal to a wider demographic, at the same time reinforcing the position of Cascade Insurance as the most widely recognized insurance brand in the Armenian market (Source: Microfinance Centre for CEE and the NIS, February 2009).

"With continuous improvement in the regulatory environment, the insurance industry is turning into a more attractive sector. Despite the financial crises, mid and long term perspective in the insurance sector is full of positive expectations. This capital infusion enhances Cascade Insurance's financial strength, setting the company for further growth," stated Garnik Tonoyan, CEO of Cascade Insurance.

The European Bank for Reconstruction and Development (EBRD) is a 35% shareholder of Cascade Insurance. Cascade Capital Holdings (CCH) is 100% owned by the Cafesjian Family Foundation.