BGEO Group property and casualty insurance subsidiary, Aldagi, signed a major third-party partnership agreement with JSC Liberty Bank to enhance the distribution capabilities of its motor third party liability insurance business.
Liberty Bank is the third largest bank in Georgia by total assets, and enjoys the largest branch and service outlet network in the country.
As part of the partnership agreement, Aldagi's MTPL products will be offered to the bank's clients through Liberty Bank's large retail footprint in exchange for a commission fee based on the premium of each underwritten insurance policy. BGEO chief executive Irakli Gilauri said: 'I am delighted to see that the group continues to realise the benefits presented by the proposed demerger.
'Aldagi's partnership agreement with Liberty Bank in line with its strategy to unlock the full potential of Georgia's significantly underpenetrated retail insurance segment.
'By extending co-operation with another leading financial institution, Aldagi will be able to uncover additional sources of high quality deals for its leading insurance products, and continue to successfully diversify its multi-channel distribution network.'