France’s Gras Savoye, which is closely associated with Willis, announced that it has received a license to commence brokerage operations in Georgia (the country – not the state), as part of its initiative to expand its business from Turkey into the Caucasus region, the mountainous area between Southern Europe and Asia.
Gras Savoye described the Georgian market as currently in the early stages of development, as far as insurance and broker activities are concerned. But it is growing rapidly with over a dozen insurers in the market and an annual growth rate of around 15 percent. It covers a number of sectors, notably tourism, transportation and energy, which are being developed by international companies.
Murat Altin, a member of the Council of Administration of Gras Savoye Turquie, has been appointed as the director general of Gras Savoye Géorgie, along with Nino Kobakhidze. She has also been appointed as a general director.
Gras Savoye noted that it is the first international insurance broker to establish a presence in Georgia. “This new subsidiary along with the Gras Savoye Willis network, will be equally able to provide coverage for the insurance requirements of businesses in this growing market, which shows signs of rapid development,” said the bulletin (translated from French).
Gras Savoye commenced operations in Turkey in 1997. Its subsidiary in the country has established offices in Istanbul and seven other major cities, employing approximately 100 people.
Source: Gras Savoye CB