London-listed insurance provider GBGI Limited has entered into a strategic partnership with a newly formed insurance company based in the Eurasian country of Georgia.
The UK firm has become a minority shareholder in the new insurer, Global Benefits Georgia, which entered the market on March 29 with the aim of penetrating local and regional corporate insurance sectors both in Georgia and across Central and Eastern Europe.
Alfred Strobel, deputy regional vice president of GBGI, noted that the insurance segment in the region is still maturing, which means that the “the potential is huge for new entrants to obtain significant market share and become an active and successful player.”
“The opportunity to expand our business not only in Georgia, but also to use Global Benefits Georgia as a hub for the region, is extremely attractive,” Strobel said.
Operating globally across over 120 jurisdictions, GBGI distributes and underwrites health, life and disability, and travel insurance. Its client base spans multinational corporations, expatriates, local HNWIs, international schools, non-profit organisations and international students.
Global Benefits Georgia has developed a reinsurance service and a full non-life insurance and risk management portfolio. It will now offer the full suite of international insurance products currently available through GBGI to the local and regional markets.
By teaming up with GBGI, Global Benefits Georgia is committed to “achieving ambitious results,” according to Nina Kobakhidze, general director of the new insurer.
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