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TBC Bank Becomes the Owner of “Kopenbur” Insurance Company

TBC Bank group signed the agreement to buy 100% of “Kopenbur” insurance company. This was the decision based on improving financial service diversification and offering diverse products.

In the following few months, it is planned to implement rebranding of “Kopenbur” and in 2017, TBC bank customers will have an opportunity to take benefit of the insurance company “Kopenbur” products, which will be renamed after being bought by TBC.

“Kopenbur” appeared in 2014 and it is focused on automobiles insurance. It occupies 9% of automobiles in Georgia (According to 30June, 2016 statistics).

“Kopenbur” insurance company will become the main insurance partner for TBC group after the unification. At the same time, TBC group is going to broaden the insurance service spectrum and offer new insurance products such as travelling insurance, accident insurance, credit insurance, life insurance, business property insurance, loan insuance and etc.

New Insurance Company will basically be focused on retail trade and offer service to physical person. In the average term, TBC plans to occupy 25% of the insurance market. The first investment amounts to 8 million USD, which will be used for technological development and completing the capital.

The heads of new insurance company will be general director of TBC, Paata Gadzadze and head of TBC daughter companies in Georgia and Azerbaijan, Davit Kiguradze. They have a huge experience of managing leading insurance companies in Georgia.

“I think that this decision will provide our customers with benefits, in the first place, because we will offer them complex insurance products. Service will be implemented in the most convenient form for the customers, in short time and with a simple procedure,” declares Paata Gadzadze.

There are 100 employees in “Kopenbur” and they will continue their work in the company under the new brand.