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.
