Friday, February 24 2012 16:10
INGO Armenia and Cascade Insurance announce start of merger process
Arminfo. INGO Armenia Insurance Company and Cascade Insurance Company announced the start of their merger process in a press conference on Feb 24.
INGO Armenia Executive Director Levon Altunyan told media the deal will be completed approximately by the second half of the year. He said all the documents on the merger will be submitted to the regulatory body within the coming few days. The key goal of the merger, Altunyan said, is to create a company with an unprecedented big potential that will provide high-quality insurance services. He said that the two companies have very common activity. "These are two market companies neither nor lobbied by political forces," the insurer said.
He forecasts that no new consolidation deals are expected in the market in the short-term outlook. After completion of the deal, Cascade Insurance Company will no longer operate. Ranking of Armenian Insurance Companies prepared by the Agency of Rating Marketing Information says INGO Armenia Insurance Company's assets totaled 7.2 bln drams as of late 2011. Insurance premiums of the company amounted to 4.6 bln drams. Assets of Cascade Insurance Company totaled 3.6 bln drams and premiums 0 2.1 bln drams for the period under review.
INGO Armenia entered the insurance market of Armenia in 1997. The company has licenses for provision of 15 non-life insurance lines. The company is a full member of INGO Armenia Insurance Group and has one of the largest agent networks.
Cascade Insurance Company was founded in October 2005. 65% of shares in the shareholder's capital of the company belong to Cascade Capital Holdings CJSC, with the remaining 35% belonging to EBRD.
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