JSC Risk Management and Insurance Company - known as Global Benefits Georgia -entered the Georgian insurance market on March 29, with an objective to penetrate local and regional corporate insurance sectors in the Eurasian nation, plus elsewhere in Central and Eastern Europe and the Commonwealth of Independent States.
The partnership was announced by Mr. Alfred STROBEL, Deputy Regional Vice President of Global Benefits Group and Ms. Nina KOBAKHIDZE, General Director of Global Benefits Georgia during a press conference at the Business Association Headquarters of Georgia on March 29.
Global Benefits Georgia is offering to the local and regional market all of the international insurance products that are available through GBG, which is a minority shareholder in the company. Additionally, Global Benefits Georgia has developed a full non-life insurance and risk management portfolio and is the only company in the Georgian market that has reinsurance service.
"In partnering with Global Benefits Georgia we see the opportunity to expand our business not only in Georgia, but also to use Global Benefits Georgia as a hub for the region," Mr. STROBEL said. "Considering the insurance segment in the region is still in the process of development, there is a huge potential for new participants to obtain significant market share and be an active and successful player in the field."
"We are tremendously excited about this new partnership, Global Benefits Georgia, and its potential for growth in Georgia and across Central and Eastern Europe," said Mr. Bob DUBRISH, CEO of GBG. "This agreement is a great example of our highly scalable, flexible distribution capabilities which currently services clients in more than 120 jurisdictions worldwide." The management team of Global Benefits Georgia is comprised of highly professional individuals, with multiple years of insurance and financial sector experience:
- Nina KOBAKHIDZE, General Director - Ms. KOBAKHIDZE has 15 years of experience in the Georgian and international insurance market. She was the founder and shareholder of an insurance brokerage company "Gras Savoye Georgia / Willis Towers Watson Georgia." She also held the positions of Director at Service Agency of the Ministry of Internal Affairs of Georgia, and later, the Deputy Head of the Government Administration.
- Kakhaber AMAGHLOBELI, Financial Director - Mr. AMAGHLOBELI has more than 15 years of experience in the financial management industry, including holding the position of Chief Financial Officer at Georgian Industrial Group.
- Niko RIZHAMADZE, Executive Director - Mr. RIZHAMADZE has15 years of experience in the insurance market, including serving as the Chief Specialist at the State Insurance Supervision Service of Georgia
Global Benefits Group (GBG) is the largest independent, fully integrated provider of international benefits in the world. In 2016, GBG celebrated its 36th year of serving the needs of expatriates, third-country nationals and local nationals. GBG distributes and underwrites health, life and disability, and travel insurance, with a client base that spans multinational corporations, expatriates, local high net-worth individuals, international schools, non-profit organizations and international students. GBG is a fully integrated insurance group providing services from policy sales to claims administration and servicing, and is committed to delivering high levels of customer service. Parent company GBGI Limited (LSE: GBGI) is incorporated in Guernsey and listed on the London Stock Exchange AIM market. GBG Insurance Limited is rated B++ (Good) by A.M. Best.