Thursday, May 5 2011 12:13

ISG does not comment on transfer of its insurance portfolio to RASCO


ArmInfo. ISG insurance company has completely transferred its insurance portfolio to RASCO insurance company, the company's marketing department told ArmInfo.

ISG leadership refused to comment on the details of the deal. The director of RASCO gave no comments either.

To recall, the full package of shares of ISG belongs to Mika Limited. The company was founded in 1999 under the name "Grand" and was specializing in insurance of aviation risks only. In 2007 the company's license was withdrawn because of normative violation connected with the unprecedented in the local market 20 mln USD indemnity after the crash of A-320 airbus.

In December 2007 Mika Limited founded a new insurance CJSC "ISG". The bitter experience affected the strategy of the new company, which got involved in other segments of insurance alongside with aviation risks, thereby diversifying the risks.
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