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					Cascade Insurance Becomes One Of Leading Companies In
Armenian Insurance Market During Three Years Of Its
Noyan Tapan – 10/12/ 2007

YEREVAN, DECEMBER 10, NOYAN TAPAN. The authorized capital of Cascade
Insurance CJSC has grown by about 200 million drams in the fourth quarter of
2007 and currently makes 618 million 640 thousand drams (over 2 million USD),
as a result of which the company occupies a leading position among Armenia's
insurance companies. This step aimed at replenishing the company's authorized
capital by shareholders of Cascade Insurance bears evidence of the fact that
the shareholders have long-term programs, the director general of the company
Garnik Tonoyan stated at the December 10 press conference.

65% of shares of Cascade Insurance belong to Cascade Capital Holding created
by the Cafesjian Family Foundation, 35% - to the European Bank for
Reconstruction and Development (EBRD).

According to the executive director of Cascade Insurance Levon Mamikonian,
the total amount of insurance premiums collected by the company in January-
September 2007 made over 427 million drams (12.43% of the total sum collected
by 9 companies operating in the Armenian insurance market), thanks to which
Cascade Insurance occupied third place in the market. The company has signed
1,145 insurance agreements, paid compensation of 88.6 milion drams based on
1,724 claims (14.8% of the total and second place).

Compensation sums of the greatest amount were paid in connection with health
and car insurance.

Cascade Insurance occupies first place by the amount of insurance premiums
collected by some types of insurance: particularly, the amount of health
insurance premiums makes up more than 45% of the total amount of premiums
collected in the Armenian insurance market. The profit of Cascade Insurance
amounted to over 23 million drams in January-September 2007, whereas the
company operated at a loss in the previous two years, which was envisaged by
the business program.

Speaking about the development prospects of the Armenian insurance market, G.
Tonoyan said that the management of Cascade Insurance appreciates the reforms
being implemented by the Central Bank of Armenia in the insurance market. In
his words, the proof of the positive tendencies is that insurance companies
having large capitalization operate in the market. The director general of
Cascade Insurance did not rule out that in 2008, the number of insurance
companies operating in Armenia will decline again (in 2006, there were 16
companies). In his opinion, it is also not ruled out that some influential
foreign insurance companies will start operating in Armenia.