Thursday, November 13 2014 20:17

Central Bank of Armenia revokes license of Garant Insurance


ArmInfo. The Central Bank of Armenia has revoked the nonlife insurance license of Garant Insurance.

So, now there are six insurance companies left in Armenia.

Garant Insurance insured in 12 out of 19 classes existing in Armenia with focus on health insurance.

To remind, in early 2013 Garant Insurance merged with Rosgosstrakh Armenia (Armenia's biggest insurer, subsidiary of Russian Rosgosstrakh). The merged company will now act as Rosgosstrakh Armenia.

The shareholders of Garant Insurance were two individuals and Arabkir Health Center but the ultimate beneficiary was former Health Care Minister of Armenia, the owner of Arabkir Health Center, MP Ara Babloyan.

According to ArmInfo's Insurance Companies, as of Oct 1 2014 the own capital of Guarant Insurance made up 1.8bln AMD, authorized capital made up 1.6bln AMD, assets made up 1.9bln AMD, insurance premiums made up 1.9mln AMD, compensation made up 130.2mln AMD.

As of Oct 1 2014 Rosgosstrakh Armenia's own capital made up 4.4bln AMD (1st rank), assets made up 12.9bln AMD (1st rank), insurance made up 7.8bln AMD (1st rank), compensation made up 9.2bln AMD (1st rank).
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