European Company Enters Georgian Insurance Market – IC Group Joins EUROINS Group

European Company Enters Georgian Insurance Market – IC Group Joins EUROINS Group

European Company Enters Georgian Insurance Market – IC Group Joins EUROINS Group

The FINANCIAL -- IC Group insurance company has joined the team of EuroinsGroup company to continue operation on the market under the brand name of Euroins. The rebranding process will be finished in the near future and the company will meet the New Year with a redesigned logo.

Live Branding company has worked on adaptation of blue-colored logo, which is a Georgian version of the logo that Euroins employs in all its companies.

The structure of stakeholders will also change. Euroins Group will hold a 51% stake, while the Georgian party will hold a 49% stake.
Euroins Group members will occupy positions in the company supervisory board and the board of directors.

Georgi Merkov, deputy executive director of one of the major eastern European groups, believes that the Georgian insurance industry has good perspectives for development. The company has the team of reliable partners, is ready for changes, hires knowledge-oriented staff and promotes the existing business environment.

“Our objective is to develop insurance sector and insurance products in Georgia through improving the service quality, satisfying the customer expectations and gaining high-level confidence”, Georgi Markov said.

Markov does not name an exact amount of investments and does not unveil details of the deal. He only says that the deal’s value is several millions of GEL.

Euroins director general Tengiz Mezurnishvili says that over the past period the company’s authorized capital rose to 7 million GEL from 2.2 million GEL.

Membership of the European family will bring benefits to the customers, because Euroins will introduce European-standard products on the market, he added.

Joint plans imply an expansion of service centers, introduction of new products in the health sector, minimizing exclusions in the insurance product, insuring the responsibility of automobile owners and developing other directions.

An innovative online service of paying compensations and several other innovations will be introduced in 2019.

We also plan to carry out rotation of the company staff at the insurance companies and training centers united in Euroins Group in various European countries. We plan to invite foreign specialists to enable the company to share knowledge and experience.

Euroins is one of the major insurance companies and it operates on the market of central and southeast Europe. The company was founded in Bulgaria and it operates in 8 countries of Europe and owns subsidiaries in Bulgaria, Romania, Macedonia and Ukraine. In 2014 Euroins Group launched operation in Greece. The company employs about 1600 persons and serves about 2.5 million consumers. The company’s annual turnover constitutes 0.5 billion EUR.

Fitch, the international credit rating agency conferred the BB-rating of the Insurers Financial Strength (IFS) to Euroins Romania, the major subsidiary of EuroinsGroup. EuroinsGrouep is a subsidiary of EuroHold Bulgaria and its shares are placed at BSE-Sofia and WSE stock exchange.

Eurohold Bulgaria is oriented on management of nonbanking financial services and assets.

IC Group was founded on November 10, 2005 and it offers a full package of insurance services. The company is actively involved in developing legislative regulations for the insurance sector. It is member of the chamber of commerce and industry (France, Georgia), Georgian Business Association and Georgian Insurance Association. At this stage, the company employs more than 100 high-qualified professionals and some of them have got more than 20 years of experience of working in the insurance industry.