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Ingo Armenia
INGO ARMENIA ICJSC (Russian: СЗАО «ИНГО АРМЕНИЯ»), generally known simply as Ingo Armenia, is an insurance company located in Yerevan, Armenia. Its products and services include, but are not limited to, CMPTL, property, health, personal accidents, liability insurance, as well as unique offerings for Armenian market such as agricultural, motor, cyber and cargo insurance packages.
Ingo Armenia was founded in 1997, and acquired by Ingosstrakh IPJSC in 2003, which for more than 70 years is one of the leading insurance companies in Russia. Currently,[when?] Ingo Armenia is the largest insurance provider in Armenia, and is 132nd of the Top 400 Taxpayers of Armenia, by 2019 rankings.
Armenian insurance market is relatively new, as it started developing from 1996, when was for the first time adopted Law on Insurance in Armenia. Not long after, in 1997 Ingo Armenia was founded by Levon Altunyan. Afterwards, along with the market the company started its expansion, while enriching its customer base and building trust with its partners.
In December 2003, one of the largest Russian insurance companies “Ingosstrakh” acquired entity's 75% of shares.
While in 2006, the control of insurance market transitioned from Ministry of Finance and Economy of RA to Central Bank of Armenia, Ingo Armenia was relicensed and received a non-life insurance license from CBA APO 0005 (0014). In 2009 it was the first insurance company to be included in the list of 400 major taxpayers of Armenia.
In 2010, in the pursuit to solve major social issues CBA introduced Compulsory Motor Third Party Liability Insurance requirement, that boosted the popularity of insurance companies. As of the next year-end, Ingo Armenia had 12 specialized offices for the regulation of insurance claims and more than 400 branches and representative officers, which ensured the company's exhaustive coverage in all regions of Armenia.
In the first quarter of 2012, Ingo Armenia announced its acquisition of Cascade Insurance CJSC, which was the daughter organization of Cascade Capital Holdings CJSC owned by US based Cafesjian Family Foundation. The latter had almost 5,000 individual and corporate customers. The key factor making this acquisition happen was the two companies’ similarity to each other in regard to their spirit and working practices.
Garnik Tonoyan, executive director of Cascade Insurance, during one of his interviews mentioned that this merger was dictated by the market, as there was a strong need for capable insurance firm with solid infrastructure to supply its operations.
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Ingo Armenia
INGO ARMENIA ICJSC (Russian: СЗАО «ИНГО АРМЕНИЯ»), generally known simply as Ingo Armenia, is an insurance company located in Yerevan, Armenia. Its products and services include, but are not limited to, CMPTL, property, health, personal accidents, liability insurance, as well as unique offerings for Armenian market such as agricultural, motor, cyber and cargo insurance packages.
Ingo Armenia was founded in 1997, and acquired by Ingosstrakh IPJSC in 2003, which for more than 70 years is one of the leading insurance companies in Russia. Currently,[when?] Ingo Armenia is the largest insurance provider in Armenia, and is 132nd of the Top 400 Taxpayers of Armenia, by 2019 rankings.
Armenian insurance market is relatively new, as it started developing from 1996, when was for the first time adopted Law on Insurance in Armenia. Not long after, in 1997 Ingo Armenia was founded by Levon Altunyan. Afterwards, along with the market the company started its expansion, while enriching its customer base and building trust with its partners.
In December 2003, one of the largest Russian insurance companies “Ingosstrakh” acquired entity's 75% of shares.
While in 2006, the control of insurance market transitioned from Ministry of Finance and Economy of RA to Central Bank of Armenia, Ingo Armenia was relicensed and received a non-life insurance license from CBA APO 0005 (0014). In 2009 it was the first insurance company to be included in the list of 400 major taxpayers of Armenia.
In 2010, in the pursuit to solve major social issues CBA introduced Compulsory Motor Third Party Liability Insurance requirement, that boosted the popularity of insurance companies. As of the next year-end, Ingo Armenia had 12 specialized offices for the regulation of insurance claims and more than 400 branches and representative officers, which ensured the company's exhaustive coverage in all regions of Armenia.
In the first quarter of 2012, Ingo Armenia announced its acquisition of Cascade Insurance CJSC, which was the daughter organization of Cascade Capital Holdings CJSC owned by US based Cafesjian Family Foundation. The latter had almost 5,000 individual and corporate customers. The key factor making this acquisition happen was the two companies’ similarity to each other in regard to their spirit and working practices.
Garnik Tonoyan, executive director of Cascade Insurance, during one of his interviews mentioned that this merger was dictated by the market, as there was a strong need for capable insurance firm with solid infrastructure to supply its operations.