LONDON (Alliance News) - GBGI Ltd on Wednesday said it has formed a strategic partnership with a new insurance company based in Georgia that is looking to penetrate the local and regional corporate insurance sectors in the country and in wider central and eastern Europe.
GBGI trades as Global Benefits Group as an integrated provider of international benefits insurance and has partnered with JSC Risk Management & Insurance Co, which is better known as Global Benefits Georgia.
The London-listed firm said JSC Risk Management entered the Georgian insurance market at the end of March and is looking to break into the local and regional corporate insurance sectors both in Georgia and across Central and Eastern Europe.
"The partnership will see Global Benefits Georgia offer the full suite of international insurance products currently available through Global Benefits Group to the local and regional markets. Additionally, it has developed a full non-life insurance and risk management portfolio and is the only company in the Georgian market that has a reinsurance service," said GBGI.
GBGI is a minority shareholder in the newly formed Global Benefits Georgia with the partnership led by Alfred Strobel, the current regional vice president of GBGI, and Nina Kobakhidze, the current general director of Global Benefits Georgia.
"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," said Bob Dubrish, chief executive of GBGI.
GBGI shares were trading 1.4% lower on Wednesday at 138.0 pence.