American International Group's wholly owned subsidiary, AIG Europe, S.A., has received approval from the Insurance State Supervision Service of Georgia for the establishment of a branch in Tbilisi, Georgia.
Paris-based AIG Europe, S.A. will open its branch under the management of Nikoloz Kitiashvili, who was previously the representative of Marsh Caspian Services in Georgia.
In a statement, Bengt Westergren, president of AIG’s general insurance operations in central Europe and the Commonwealth of Independent States, and vice-chairman of the board of directors of AIG Europe, commented that the general insurance market in the Caucasus region held potential for his company: We view the long term growth potential of the general insurance market in the Caucasus region as promising…Given Georgia’s links with both the European Union and the United States we are delighted to lend our expertise…to both businesses and individuals.
AIG already has insurance operations in the Central Europe and Commonwealth of Independent States region, including operations in Azerbaijan, Bulgaria, Czech Republic, Finland, Hungary, Kazakhstan, Poland, Romania, Russia, Slovakia, Ukraine, and Uzbekistan.