Arevshat Meliksetyan appointed new Executive Director of "INGO Armenia" insurance company

ArmInfo. Arevshat Meliksetyan has been appointed new Executive Director of INGO Armenia insurance company. The former director of the company Levon Altunyan, who was heading the company since the first days of its operation has been appointed Minister of Healthcare by presidential decree from September 27. Arevshat Meliksetyan was appointed on the position on October 5 by the decision of the INGO Armenia CSJC Board, the press-service of the company informs.

Since 2007 Arevshat Meliksetyan has been first Deputy Executive of INGO Armenia. Within 20 years of heading the company his predecessor Levon Altunyan has developed INGO Armenia from a small company into a large actor of Armenia's insurance system with more than 40 branches, 1500 insurance agents and 250 employees. Meliksetyan will continue the company's policy of providing high quality insurance services corresponding to international standards.

INGO Armenia is known in the market not only by high rates of growth but also by a strong and developed team. Founder of INGO Armenia, currently Minister of Healthcare Levon Altunyan noted: "I unalarmed about the company's future as a fair, smart and experienced specialist has taken the position of the director.  Arevshat Meliksetyan and me are like-minded persons. He started to work in INGO Armenia in 2001 and throughout all these years he has demonstrated not only his exclusive knowledge in insurance sector, but also team leading talent. I am sure that under his leadership INGO Armenia will continue its mission contributing to further development of insurance culture in Armenia". 

According to INGO Armenia company's data Arevshat Meliksetyan is the member of Chartered Insurance Institute (Great Britain) and member of Armenian Motor Insurers' Bureau. Since 2015 Meliksetyan has been receiving additional professional education under Executive MBA Masters program in Judge Business School of Cambridge University. Prior to that in 2009-2011 he received master's degree in business administration in American University of Armenia. In 2007 he received doctoral degree in Yerevan State Institute (2007) and Institute of Economic Research under Ministry of Economy and Finance (2004-2007). In 1999-2004 he studied at the Yerevan State Economic University specializing in insurance business. 

According to the Ranking of Insurance Companies, prepared by ArmInfo INGO Armenia works in 16 types of non-life insurance.  The company holds leading position by the main indicators. Thus, as of July 1, 2016 INGO Armenia collected premiums amounted to 3.8 bln AMD ($7.7 mln) and paid compensations amounted to 1.5 bln AMD ($3.2 mln). The company traditionally holds leadership in health insurance, travel insurance abroad, insurance from accidents, CASCO, aviation insurance, while in the other insurance types the company holds the second position. As of July 1, 2016 the company's assets made 10 bln drams. In H1 2016 the company increased net profit 3- fold compared to the same period of 2015. INGO Armenia was established in 1997. 75% of its capital belongs to Invest Police CJSC (a Russian company owned by INGOSSTRAKH), 25% - to the company's director Levon Altunyan.