Friday, May 14 2010 15:25
INGO ARMENIA insures ARMENAL Factory
ArmInfo. INGO ARMENIA insurance company has recently insured the property of ARMENAL Factory and its risks of production suspension. The parties made a 1-year insurance contract. The total insurance coverage is $438mn. INGO ARMENIA and ARMENAL have been cooperating for over 7 years already. The company is responsible also for cargo insurance of ARMENAL.
ARMENAL foil rolling mill was founded in May 2000 as part of the Kanaker aluminium smelter. It is one of the biggest production facilities in Armenia and is the only producer of aluminum foil in the Caucasus and Central Asian regions. ARMENAL forms the Packaging Division of RUSAL Company. The mill employs 700 people and exports production to Europe, Middle East and USA.
INGO ARMENIA Insurance Company was founded in 1997. It is an affiliated company of the Russian INGOSSTRAKH. The company is the market leader in terms of the key figures. In particular, in the property risks and freight activity segment the company collected 172 million drams and 33 million drams premiums, respectively, for Q1 2010. In fact, INGO ARMENIA ranked the first in the market encompassing 10 insurance companies.