Reinsurance News

Georgian reinsurer launches, backed by Guernsey-based GBGI

19th April 2017 - Author: Steve Evans

GBGI Limited, also known as Global Benefits Group, a group focused on provision of international benefits insurance and based in Guernsey, has announced its backing of and entry into a strategic partnership with a new insurance and reinsurance firm in Georgia.

JSC Risk Management and Insurance Company (known as Global Benefits Georgia) has been launched and has entered the Georgian insurance market on March 29th 2017, with the backing of GBGI as a minority shareholder.

The partnership, which is led by Alfred Strobel, Deputy Regional Vice President of GBGI and Nina Kobakhidze, General Director of Global Benefits Georgia, targets growing business in the local and regional corporate insurance sectors in Georgia and also across Central and Eastern Europe.

Primarily, Global Benefits Georgia will offer the suite of international insurance products available through GBG to the local and regional markets.

However, the company has also developed a full non-life insurance and risk management portfolio and GBG says it is the only company in the Georgian market that will also offer a reinsurance service to clients.

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Bob Dubrish, CEO of GBGI, commented on the launch; “We are tremendously excited about this new partnership, Global Benefits Georgia, and its potential for growth in Georgia and across Central and Eastern Europe. This agreement is a great example of our highly scalable, flexible distribution capabilities which currently services clients in over 120 jurisdictions worldwide.”

Commenting on the announcement Strobel added; “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. Considering the insurance segment in the region is still maturing, the potential is huge for new entrants to obtain significant market share and become an active and successful player.”

Kobakhidze also said; “GBGI Limited is the one of the largest independent, fully integrated global providers of international benefits and we are excited to partner with them. Global Benefits Georgia aims to create opportunities and establish new standards in the Georgian industry and together with the GBGI team, we are committed to achieving ambitious results in the area.”

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