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Eastern Europe’s Leading Insurance Group EUROINS entered Georgian market

The insurance market has a novelty – Insurance Company IC Group became the member of one of the largest insurance companies in Eastern Europe Euroins Group. To complete the first phase of the merger process, on December 11 2018, Georgia was visited by EuronisInsurance Group (EIG), Deputy Executive Director Georgi Markov and member of Director Board Cagatay Uludag, who will also join the Board at the position of Strategic Development Director in Georgia.

“IC Group” will now work on the Georgian market under Euroins name and will fully implement the practices of the European insurance company, international experience and modern insurance systems already approved in Europe that are eligible to the local consumer market.

The merge of Georgian Insurance Company is part of the Euroins Group Development Strategy. Euroins Group representatives name the main reason for the decision to enter Georgia healthy :business environment, economic growth and the dynamical development forecasts of the insurance sector. It is noteworthy the existence of the legislative base in Georgia and the role of supervising service, which has effectively issued a permit and played an important role in the successful completion of the transaction.

“Georgia is a rich tradition and heritage country, located on strategically important crossroads, both regionally and globally. “IC Group” was found as a trusted partner whose professional team has many years of experience, willingness to change, and most importantly the ability to implement our international competitive plans in the entire region. Our goal is to develop insurance product in Georgia, “said Georgi Markov, deputy executive director of Euroins.

Besides attracting foreign investment, Euroins Insurance Group (EIG) will also import western experience and knowledge in Georgia. It is planned to rotate company colleagues in different European countries in insurance companies and training centers, as well as foreign specialists, will arrive in Georgia, which will enable the company to share knowledge and experience.

Euroins Group is one of the largest insurance companies operating in the Central and South-Eastern European markets. The company is focused on a full range of insurance products. Bulgaria-based insurance company operates in eight European countries and owns subsidiary companies in four of them: Bulgaria, Romania, Macedonia and Ukraine. Since 2014, the European Group has started functioning in Greece. The number of employees in the company reaches 1600, and the number of users is more than 2.5 million. The annual turnover of the company is half billion euros.

International credit rating agency Fitch awarded Euroins Romania in 2011 (the largest subsidiary of Euroins Group) with the financial strength of the insurer (IFS) with BB- rating.

“IC Group” was founded on November 10, 2005 and has since offered a full range of insurance services. The company is actively involved in developing legislative regulations of the insurance sector as a member of the Chamber of Commerce and Industry (France, Georgia), Georgian Business Association and Georgia Insurance Association.

At present there are more than 100 highly qualified employees in the company, some of them have more than 20 years experience in the field of insurance. “Insurance Company IC Group” is a publicly responsible company, which honors traditions and business ethics.