Yerevan/Mediamax/. Armenian RASCO and ISG insurance companies will merge under RASCO brand.

RASCO Company Deputy CEO Grigor Ayvazyan and ISG Acting CEO Vram Sargsian informed Mediamax on this.

“The agreement, reached between the companies, provides for transfer of ISG Company’s insurance portfolio to RASCO Company, and Armenian CB has given its preliminary approval for realization of the deal”, Vram Sargsian said.

Grigor Ayvazyan informed that as a result of the deal, ISG will stop its activity. The sides do not disclose the cost of the deal, since it is not complete yet.

94.83% of RASCO Company’s shares belong to “Region” Financial Industrial Corporation CJSC, which is interrelated with Ardshininvestbank. The assets of the company made AMD 2.36bln, the capital made AMD 1.6bln, and the liabilities - AMD 764.8mln as of March 31, 2011.

Mika Limited Company is the founder of “ISG” Insurance LLC. The overwhelming majority of the Company portfolio consists of insurance of aviation risks. ISG was the only one from among 9 Armenian insurers, which did not participate in the CTP insurance process. As of March 31, 2011, the company’s assets made AMD 2.04bln, the capital – AMD 1.47bln, the liabilities – AMD 611mln.

As a result of the merger, RASCO will become the biggest as to capital and the third biggest insurance company as to volume of assets in the Armenian market.