KAZAKHSTAN: Daniyar ZHANBEKOV to become the new owner of Basel insurance company

15 December 2020 —
The Agency for Financial Supervision of Kazakhstan issued a consent to businessman Daniyar ZHANBEKOV to acquire the status of a major participant in the Basel insurance company (ex. Kaspi Insurance). The sale should end no later than March 31, 2021, Allinsurance.kz reports according to Zakon.kz.

Daniyar ZHANBEKOV has extensive experience in the investment business, he has worked in New York and London, and is currently the founder of Everest Capital Management.

Basel Insurance Company (ex. Kaspi Insurance) was renamed in May 2020. Prior to the company's acquisition by ZHANBEKOV, Kaspi Bank was its sole shareholder. In 2019, the company ranked fourth in terms of net profit among non-life insurers, and second in terms of efficiency of using equity (ROE 43%). According to the market results for the last 9 months of 2020, Basel took the 21st place in terms of GWP in the overall ranking of insurance companies in Kazakhstan.