American Life Insurance Company (ALICO), a subsidiary of American International Group, has received a license from the Ministry of Finance to operate a wholly owned life insurance company in Ukraine.
The operation will be based in the capital, Kiev, and will market “a full line of individual life and group insurance products and benefits through a network of agents and brokers,” said the bulletin.
Mark Narovlansky, a graduate of Kharkov State University with more than 15 years of experience in the U.S. life insurance industry, has been named Chairman of the Management Board and will head the operation as General Manager.
R. Kendall Nottingham, AIG Executive VP, Life Insurance, and ALICO’s Chairman and CEO, stated, “ALICO has more than 80 years experience in developing life insurance businesses in countries around the world. It is well established in Central and Eastern Europe with a sizable share of the life insurance market, supported by an extensive distribution network. We’re naturally pleased to receive an insurance license in Ukraine where we see a significant opportunity to apply our global and regional experience to the development of a life insurance business that will bring security and investment opportunities to the 49 million citizens of Ukraine.”
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