With this expansion and thanks to its financial stability, the Company's management expects Aldagi to emerge as an important regional player, hereby allowing Aldagi to better meet the needs of both local and regional insurers by reinsuring risks. Aldagi's insurance and reinsurance businesses will be run and managed independently. By entering reinsurance business, the management of the Company plans to capitalize on the existing opportunities in the region.
Giorgi Baratashvili, Chief Executive Officer of Aldagi commented: "In light of the sharp decline in the global reinsurance market and a steep rise in reinsurance rates, the regional market players are struggling to find stable reinsurance partners. With its continued solid financial performance, Aldagi is best positioned to enter the reinsurance market and become a reliable partner for both Georgian and regional players."
The Company has been developing reinsurance business over the last two quarters, by investing time and resources to form a highly qualified reinsurance team and market research arm. As a result, Aldagi is already serving its first reinsurance clients from the region. The Company plans to underwrite inwards reinsurance for all non-life insurance products to utilize the full potential of both Georgia and the region.
Launched in 1990, Aldagi is the first and the most experienced insurance company in Georgia, remarkable for its stable and sustainable growth. The Company has a team of highly qualified underwriters in all segments of P&C insurance market. Thanks to its 32-year track record of successful business operations in corporate and retail insurance, Aldagi holds a considerable share in the local insurance market.
Aldagi is a fully owned subsidiary of Georgia Capital, a diversified investment holding company listed on premium segment of the London Stock Exchange. Aldagi has established international corporate governance practices, which are fully in line with the international standards. The Company has been audited for more than 15 years by Ernst & Young, the global leader in financial audit services. Aldagi is the market leader with its diversified portfolio, offering various products, including but not limited to third party liability insurance, agricultural insurance, auto insurance and property insurance. The Company's solvency ratio stands approximately at 200%.