ArmInfo."I recently learned that the Austrian company GRAWE Group and the German C-Quadrat Investment Group have expressed interest in the Armenian insurance market. Experts have informed me this is a very important event," as stated by Prime Minister Nikol Pashinyan during a regular government session on December 4, asking the head of the Central Bank why this development was significant.
"The aforementioned companies have come to a mutual agreement with the Armenian insurance company Liga Insurance to acquire 100% of the company's shares. The planned deal marks the first time a well- known international insurance group will enter the Armenian market," the head of the Central Bank of Armenia noted in response.
Galstyan pointed out that the GRAWE Group operates in various areas in the financial sector. The group includes insurance companies and banks, and has some connections to investment companies. C-Quadrat Investment Group is one of the two managers of accumulative pension funds in Armenia.
"What's important is that they will bring a new culture to the Armenian insurance market. However, more importantly, they intend to enter the life insurance market (something that is not yet being done in Armenia)," the head of the Central Bank emphasized.
The latter, as Galstyan clarified, concerns how beneficiaries of the mandatory funded pension system will manage their savings after retirement. Proper management of these savings is crucial, as life insurance is almost like an investment activity, and reputable international companies can help with this, he noted. "We've been waiting for this day for a long time and have put a lot of effort into this. So, I think this is very good news," Martin Galstyan concluded.
On November 25, it was reported that the GRAWE Group (Austria) and C-Quadrat Investment Group (Austria) announced their intention to acquire 100% of LIGA insurance company, which will be an important milestone for the Armenian insurance market.
