Insurance of credit risks is called-for in Armenian policy market, said Hovhannes Galstyan, executive director of ISG Insurance company.
“This year we started cooperation with 10 Armenian banks. It’s not a secret that our banks pursue cautious credit policy, so ISG services are in demand,” he told a PanARMENIAN.Net reporter.
Among main activities, Mr. Galstyan mentioned insurance of tenders and aviation risks. “Insurance of aviation risks makes 95% of the company’s inflow,” he said.
ISG Insurance LLC is the insurance company, registered and licensed by Central Bank of Armenia, which was founded on 25.12.2007.
ISG Insurance LLC was established based on “GRAND” Insurance LLC, which had more than 10 years of experience in insurance market.
Shareholder of the ISG Insurance LLC is Mika Limited Company.
ISG Insurance LLC has collaborated with such companies as “Armavia” Aircompany LLC, “Mika Limited” Company, “ArmenTel” CJSC, “International Masis Tabak” LLC, and in financial sector – “HSBC Bank Armenia” CJSC, “AreximBank” CJSC, “Converse Bank Corp”, “Cascade Bank” CJSC, “InecoBank” CJSC, “VTB Bank Armenia” CJSC, “Ardshininvest Bank” CJSC , “Ameriabank” CJSC , “BTA Bank” CJSC , “Prometey Bank” CJSC and others.
The primary purpose to open the ISG Insurance LLC has been and remains the insurance of aviation risks. In Armenia, the role and purpose of the aviation is particularly important in relation to the geopolitical situation. Based on the foregoing, the ISG Insurance LLC with the greatest responsibility takes insurance of aviation risks, and in this sphere the main partner is the National Carrier Armavia LLC.
According to the 2008 market data, “ISG Insurance” LLC has 1.460.337.466,00 dram written premium and considers as a one of the leaders (2nd place) in insurance market of Armenia among 11 companies.
The Company is acting in non-life insurance sphere and offering following services to individuals and legal entities:
– Aircraft (hull) and Third Party Legal Liability of aircarriers insurance
– Motor insurance and Third Party Legal Liability of motor owners
– Property insurance
– Accidents insurance
– Cargo insurance
– Travel insurance
– General liability insurance
– Constractor’s risks insurance
– Insurance of financial looses
– Issuing guarantee letters
The company collaborates with such famous reinsurance companies as New Hampshire per AIG Europe (UK) Ltd, Generali IARD, Aspen Insurance UK Limited, Catlin Insurance Company (UK) Ltd., Munchener Ruckversicherungs-Gesellschaff, International Insurance Company of Hannover Ltd. Tokio, Allianz Global Corporate and Speciality AG and others, which are Lloyd’s market members and has high ratings, from international ranking companies S&P, AM Best, Fitch.
During this year the company is planning to model new, available for the wide range of customers and profitable insurance products, as well as to attract new clients.
