JSC ARDI Insurance, one of Georgia’s leading insurance companies, known for the highest customer loyalty and satisfaction rates, is preparing for the next phase of its corporate transformation.
In accordance with the strategic plan drawn up by the executive team and approved by both the Supervisory Board and shareholders, the company will implement the strategic merger (splitting) into two separate insurance entities: JSC ARDI Insurance – a multi-risk and service provider and JSC ARDI P&C – focusing on specialized insurance products, e.g. Insurance against financial risks (kafala) and compulsory insurance lines. During the early stages of the merger, the two companies will operate under the ARDI brand name.
Along with this offer, the shareholder structure of JSC ARDI Insurance will change and Georgia Capital PLC, the largest institutional investment firm in Georgia, listed on the London Stock Exchange (LSE) as of 2018, will invest in the company and become the majority shareholder. The total volume of investment is approximately 30 million Georgian lari, which is the record amount for the insurance market in Georgia.
Members of the Supervisory Board of Directors of JSC ARDI Insurance and Georgia Capital PLC noted that due to the strategic development of the insurance company, it is the first of its kind in the local market but very popular for international players and gives the company an opportunity to focus on its core values. Ecosystem and efficient growth.
“ARDI is a truly distinguished company in the market and stands out for its dynamic growth story. We are pleased to welcome ARDI and its team as a new member of our family. “Our investments will be directed to maintaining the strength, efficiency, growth and support of the brand for the coming years” – commented Irakli Guilluri, Chairman and CEO For Georgia Capital PLC.
“The decision taken by the current management of ARDI and approved by shareholders is the Western model of development that will be beneficial for the future of the company, and we are confident that ARDI will adhere to all Georgian and European standards and regulations. I wish all the best to New ARDI on the path of transformation” – emphasized In a joint statement by the President of JSC ARDI Insurance, Armaz Tavadze and Executive Vice President Wolfgang Michael Wand.
“This year ARDI celebrates its 14th anniversaryy holiday. Since the beginning, the company has grown along with all ARDIAN who have contributed greatly to its growth and success. During this exciting journey we noticed that our visions, desires and aspirations for the company needed more solid ground, better resources and implementation. We hope that this phase of transformation and new strategy will create better financial stability and corporate governance standards for the company and will be mutually beneficial for ARDI and ARDIANs, as well as for the economy and society. The main idea is that ARDI should be stronger as a brand and an independent entity. The size of the deal speaks for itself, and the focus will be on preserving the best features of the entire ecosystem and supporting efficient future growth of the company. As for ARDIANs, we will be even more diligent and passionate in our pursuit of excellence,” commented Michael Japaridze, CEO of JSC ARDI Insurance.