ARDI announces up to USD 2 mln capital injection by international investors and new independent supervising board member, Wolfgang Wand join the company

JSC Insurance Company ARDI executed the investment agreement with the multinational investment fund “Gazelle Finance LLC” at the Radisson Hotel and as a result “Gazelle Finance” became the strategic shareholders of ARDI.

The volume of the investment package up to 2 mln million USD, which fosters further growth and development of the company, enhanced services and implementation of advanced digital technologies. Investors of „Gazelle Finance” are such highly reputable financial institutions such as – DFC (formerOPIC), FMO.

During the same signing ceremony, ARDI presented to the press and to the public the appointment of new independent member of the Supervisory Board – Mr. Wolfgang Wand. He has 40 years of experience in insurance, reinsurance, healthcare and portfolio investment management. From 2008 to 2012 years, Mr. Wand served Allianz SE as deputy chairman of Allianz Eurasia. Prior to this he headed ESG – European Specialty Reinsurance Group, S&P „A-„ rated global personal lines Reinsurer, one of the largest health, personal accident and life pools supported by SwissRe with offices in Bermuda, Dublin, London, Hamburg, Moscow, Toronto, Miami, Hong Kong and Kuala Lumpur.

“The investment of US capital into the company and the addition of a highly experienced independent supervisory board member to our team are important milestones for ARDI, as a result of which stage we are entering a new stage of development, which will soon be reflected in an even more sophisticated service determination and best-in-class customer’s experience for our policyholders.  The digital ecosystem used to manage internal processes and consumer platforms as well will be significantly enhanced. We highly appreciate the continued and extended support of Gazelle Finance as an internationally recognized financial partner dedicated to the region with in-depth know-how of the Georgian financial market.” – said Michael Japaridze, CEO of ARDI.

“Gazelle Finance is pleased to continue its partnership with ARDI as a strategic investor in the company,” said Jeffrey Liebert, CEO of Gazelle Finance. “With the support of Gazelle Finance, ARDI has taken a critical step to bring its corporate governance structure up to international standards for the global insurance industry, including adding an experienced insurance executive to its Supervisory Board, Mr. Wolfgang Wand.”

“I am excited to accompany ARDI and its highly motivated management team on the journey to best-in-class Insurer in the Georgian market. The company already now is ahead of peers as to technology driven applications and customer-centric service standards Together with my fellow directors we will ensure the conduct of business as per western corporate governance standards and I am delighted to avail my long-standing technical expertise to the management.” – stated Wolfgang Wand, Executive Deputy Chairman of ARDI.