Eurasia Insurance Company
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Eurasia Insurance Company JSC (Russian: Страховая компания "Евразия") is a Kazakhstani insurance company headquartered in Almaty.
Business[edit]
Eurasia Insurance Company was founded in 1995 as a joint stock company. It is licensed to conduct business across all classes of insurance provided for by the legislation of the Republic of Kazakhstan, including classic property insurances: motor vehicles, property, cargo transportation, etc. Eurasia Insurance Company provides insurance services to both individuals and corporate clients.
In the development of its business, Eurasia dedicates a large role to geographical diversification. Since 2003, the company has been operating in the international reinsurance market and today operates in more than 150 countries around the world.
In 2018, Eurasia Life Insurance JSC, a wholly owned subsidiary of IC Eurasia, received a license to carry out life insurance activities..[1]
[edit]
The main shareholders of Eurasia Insurance Company are:
- Eurasian Financial Company JSC (EFC) – 95%, the ultimate beneficiaries being Alexander Mashkevich, Patokh Shodiev and the Ibragimovs family[2], who also control a 60% share of the Eurasian Group[3] (ERG, formerly ENRC).
- Boris Grigorievich Umanov[4] – 5%.
Management Board
On May 19, 2023, Kairat Chegebayev was appointed Chief Executive Officer of Eurasia Insurance Company, replacing Boris Umanov, who had been the CEO since 2002. In April 2023, Boris Umanov voluntarily resigned and vacated his seat in the Board of Directors, while retaining a minority share in the company.
Board composition:
- Kairat Chegebaev – Chief Executive Officer, member of the Board of Directors;
- Samat Kabdolov – First Deputy CEO[5];
- Nurzhan Dzhantureev – Deputy CEO;
- Nurmukhamed Tulbayev – Deputy CEO;
- Nurlan Chalgimbayev – Deputy CEO.
Ratings[6][edit]
Standard & Poor’s: On June 24, 2024, the rating agency confirmed the long-term credit rating of Eurasia Insurance Company at the BBB level, the forecast is “Stable”. The rating of Eurasia Insurance Company on the national scale remains at the level of kzAAA[7]
A.M. Best: On October 04, 2024, the rating agency confirmed the rating of Eurasia Insurance Company at B++ and the long-term credit rating at bbb+ with a stable outlook[8]
International membership[edit]
Eurasia Insurance Company is a member of the following international and professional organizations:
- IUA (International Underwriting Association) is the most authoritative public organization in the global insurance industry. Eurasia Insurance Company is the only insurer from the CIS countries accepted as a member of the International Underwriting Association (London, UK)[9], since 2010;
- F.A.I.R (Federation of Afro-Asian Insurers and Reinsurers), member of the insurance pools of the Federation of Afro-Asian Insurers and Reinsurers (Turkey, Bahrain, Morocco)[10], since 2011;
- IUMI (International Union of Marine Insurance) - international union of marine insurance (Switzerland, Zurich)[11], since 2010;
- The Association of Financiers of Kazakhstan (AFK) is a professional association of participants in the financial market of Kazakhstan, since 2010.
References[edit]
- ↑ ""Life insurance is socially important; it is care for loved ones"". Life insurance.
- ↑ "Ibragimova Mukadaskhan Nasirzhanovna was issued consent to acquire the status of a major (indirect) participant of "Eurasia" Insurance Company" JSC". Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan.
- ↑ "Ibragimov's widow joined Mashkevich and Shodiyev as a shareholder of the "Eurasian Group"". Kazakh Telegraph Agency.
- ↑ "Dr Boris Umanov". Bloomberg.
- ↑ "What lies ahead for CIS Insurers? Risks, challenges and opportunities". Moody’s Ratings. 27 March 2024.
- ↑ "Eurasia insurance company". Cbonds.
- ↑ "Eurasia Insurance 'BBB' And Eurasia Life 'BBB-' Ratings Affirmed After Revised Capital Model Criteria; Outlook Stable". S&P Global.
- ↑ "AM Best Affirms Credit Ratings of Eurasia Insurance Company JSC". AM Best.
- ↑ "IUA Associate Member Companies". International Underwriting Association of London.
- ↑ "Eurasia Insurance Co". FAIR.
- ↑ "Member Associations". International Union of Marine Insurance.
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