The FINANCIAL — TBC Bank Group signed an agreement to purchase 100% of the shares of insurance company Kopenbur. The group decided to invest in the company based on its strategy of financial service diversification and diverse product offerings.
Kopenbur will be rebranded over the next few months and, starting from the New Year, TBC Bank’s customers will be able to use the services provided by the insurance company operating under a new name.
Kopenbur has been on the market since 2014 and is focused on car insurance. It holds 9% of the car insurance market (as of June 30, 2016).
The rebranded version of Kopenbur will be TBC Bank’s major partner in the insurance sector. In addition, TBC Bank Group plans to expand its spectrum of insurance services and add new products to the existing offerings: travel insurance, accident insurance, credit line insurance, assurance, business property insurance, loan insurance and more.
The new insurance company will mainly focus on the retail market and provide services to individuals. In the medium term, TBC Bank Group plans to obtain 25% of the insurance market. The group’s initial investment is 8 million GEL and it will be spent on increasing the company’s capital and its technical development.
The new insurance company will be managed by a team of experienced professionals – Paata Ghadzadze, Deputy CEO of TBC Bank and Davit Kighuradze, who previously served as the director at various subsidiaries of TBC Bank in Georgia and Azerbaijan. Both Ghadzadze and Kighuradze bring years of experience leading major insurance companies in Georgia to their new positions.
“I believe that, in the first place, this decision will benefit the customer, whom we will offer complex insurance products. Services will be provided to the customers in the most comfortable way, in the shortest period of time and with simplified procedures. In general, the purchase of Kopenbur fully complies with TBC Bank Group’s strategy to expand its financial services and, at the same time, make the company even more attractive to investors”, says Paata Ghadzadze.
Today Kopenbur employees 100 professionals who will continue their work after the company’s rebranding.