American International Group Inc. has received a regulatory approval from the Republic of Georgia in the Caucasus region to set up a general insurance company in the country’s capital city of Tbilisi.
AIG said the action would provide an opportunity to lend its expertise on general insurance products and services in this Central European nation.
The carrier said it received license in Georgia for the following classes of insurance: personal accident and sickness, land transport, aviation, cargo, carriers liability, property, financial products, motor TPL insurance, professional indemnity, general liability, and compulsory fire insurance.
“The AIG Companies are well established in Central and Eastern Europe and the Commonwealth of Independent States. We view the long-term growth potential of the general insurance market in the Caucasus region as promising,” said Bengt Westergren, president of AIG’s general insurance operations in Central Europe and the Commonwealth of Independent States.
The carrier’s new business in the Georgia Republic will be part of AIG Europe, S.A., a wholly-owned subsidiary of AIG. The insurance giant already has general insurance operations in several other countries in the region, including Azerbaijan, Bulgaria, Czech Republic, Finland, Hungary, Kazakhstan, Poland, Romania, Russia, Slovakia, Ukraine and Uzbekistan.