Reinsurance News

Aldagi to become first reinsurance company in Georgia

14th December 2022 - Author: Kane Wells

Aldagi, the leading P&C insurance company in Georgia, is set to further expand its business and become the first reinsurance company in the country.

Aldagi expects that with this expansion, the firm will emerge as an important regional player, allowing it to better meet the needs of both local and regional insurers by reinsuring risks and capitalising on existing opportunities.

The firm states that it has been investing in the development of a highly qualified reinsurance team and market research arm over the last two quarters. As a result, Aldagi is already serving its first reinsurance clients from the region.

The company suggests that it intends to underwrite inwards reinsurance for all non-life insurance products, utilising the full potential of both Georgia and the surrounding 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.

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“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.”

Aldagi, which was launched in 1990, is a wholly owned subsidiary of Georgia Capital, a diversified investment holding company listed on the premium segment of the London Stock Exchange.

The firm has established international corporate governance practices, which are fully in line with the international standards. Additionally, it has been audited for more than 15 years by Ernst & Young.

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