Friday, March 5 2010 18:24

RASCO insurance company is expanding into BBB insurance market


ArmInfo. RASCO insurance company, jointly with a reinsurer from London, is preparing a BBB insurance proposal for commercial banks, says the director of the company Ara Karyan.

The company is one of the first on this market. In 2009 RASCO provided BBB insurance services to Ardshininvestbank and paid the bank almost $1mln in compensation.

Karyan says that in order to diversify its portfolio his company is drafting proposals for big companies acting in the fields of construction, manufacturing and services. Karyan says that it is important to transit from standard to individual insurance terms.

RASCO was set up in 2004 by Region CJSC and is affiliated with Ardshininvestbank. In 2009 the company collected 3% of total premiums - 263mln AMD (8th place among 12 insurance companies). On the financial risk insurance market (including BBB insurance), RASCO is the 3rd among 5 companies with 33mln AMD collected. RASCO has the biggest capital on the insurance market - 1.6bln AMD.
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