Yerevan /Mediamax/. The shareholders of “Cascade Insurance” CJSC have recently increased the company's charter capital to AMD 1,187,956,000 (over USD 3 Million). 

Mediamax reports that capital increase is realized by the shareholders of the company: “Cascade Capital Holdings” CJSC, and the European Bank for Reconstruction and Development (EBRD).

“This additional commitment from our US and European shareholders enhances our stability and provides a secure financial platform for growth in a dynamic, developing market” stated Jonathan Stark, CEO of “Cascade Capital Holdings”.

Garnik Tonoyan, CEO of Cascade Insurance, noted that “despite the financial crises, mid and long term perspective in the insurance sector is full of positive expectations”. He noted that “this capital infusion enhances Cascade Insurance’s financial strength, setting the company for further growth”.