The source of data for Armenian insurance companies was the financial-banking portal <u>http://www.armbanks.am/en/insurance-market/. From this information agency the list of Armenian</u> active insurance companies was obtained. In addition I found all required information about shareholders, market shares and total assets. After collecting data I divided the regions into Armenia (AM), CIS, the European Union (EU), USA, and the Rest of the World (RoW) to calculate the market shares by region.

The results for market share owners of the Insurance sector in Armenia are as follows Armenia – 31.20 %, CIS – 38.88%, EU – 20.30%, US – 8.45%, RoW – 1.18%. Detailed results are listed in Table 2.

# **Supplementary Information on Ownership Shares of Armenian Insurance Companies**

**1.** <u>Alfa Insurance</u> "Alfa Insurance" Insurance Company was founded in 2008: founders are STIVENS INVEST and FAYNENS S.A. (50%) and NORLIN ASSETS Investment Companies Inc. (50%). <u>http://www.armbanks.am/en/insurance-market/?org=60&lang=en,www.alfa-insurance.am</u> 2. **Cascade Insurance** Company CJSC (CIRCO) is a subsidiary of Cascade Capital Holdings, which in turn is 65% owned by the Cafesjian Family Foundation, a United States organization. The European Bank for Reconstruction and Development purchased a 35% equity share in August 2005. This is the only EBRD investment into the insurance sector in Armenia. http://www.armbanks.am/en/insurance- <u>market/?org=62&lang=en, www.cascadeinsurance.am</u>

**3.** Garant-Limens **CJSC** was registered on Feb. 2, 1999. <mark>А significant shareholder of the company is Ara</mark> - <mark>Babloyan with 27,4% of shares.</mark> <u>http://www.armbanks.am/en/insurance market/?org=63&lang=en, www.glinsurance.am</u>

**4. Griar Insurance** Company’s 100% shareholder is LLC Ches TOR (Russia) <u>http://www.armbanks.am/en/insurance-market/?org=64&lang=en, www.griar-insurance.am</u>

5. **Ingo Armenia CJSC** was founded in 1997 as an insurance company “EFES”. In December 2003, 75% of the shares of the company was bought by Russian Insurance AO Ingosstrakh, after which the company was renamed "INGO ARMENIA" Insurance CJSC. Today, the main shareholder of the company is Invest-Policy CJSC "with 75% of the shares and Levon Altunian with 25% share. <u>http://www.armbanks.am/en/insurance-market/?org=85&lang=en, www.ingoarmenia.am</u>

**6.** ISG Ltd was registered on Dec. 25, 2007. A <mark>100% shareholder of the company is "Mika Limited” (UK). h</mark> <u>ttp://www.armbanks.am/en/insurance-market/?org=65&lang=en, www.isg.am</u>

7. **London-Yerevan Co** was registered as insurance Ltd. in 1998. Commercial activities "LondonYerevan Co has launched since February 2000. 100% shareholder of the company is "Londongeyt - Investment and Menedzhmentnd Pi-E-C" (UK). http://www.armbanks.am/en/insurance <u>market/?org=80&lang=en, www.london-yerevan.com</u> 8. Ltd. Nairi Insurance was established in December 1996, and insurance activities launched since April 1997. It belongs to Levon Kocharyan (Armenia) - 30%, Hovik Shahinyan (Armenia) - 22.5%, Vahan Gabrielyan (Armenia) - 22.5%, Vahagn Shahinyan (Armenia) - 12.5%, Vahagn Khachatryan (Armenia) - 12.5%. http://www.armbanks.am/en/insurance-market/?org=81&lang=en, <u>www.nairi-insurance.am</u> 9. "Rasco" Ltd. was created August 30, 2004. Today shareholders are Investment Financial Corporation “Region” **CJSC** with a share 94.83% and E. Arabhanyan (Armenia) - 5.17%. <u>http://www.armbanks.am/en/insurance-market/?org=82&lang=en, www.rasco.am</u> 10. JSC "Reso" was registered in 2008 as the Company "Yunireso”. The company was renamed "Reso" in 2009. The founders of the company is "Polygraphy" **CJSC** - Gagik Zakarian Tigranovich, co-owner of “Uniastrum Bank”, "Unibank" <mark>with a share of 50%, a</mark> nd " <mark>CIS</mark> Equity Partners Limited” Ltd - Sarkisov Sergey, CJSC “RESO-Garantia" owner with <mark>the rest 50%.</mark> Thus, RESO is a "daughter" of the most <mark>reliable insurance companies in Russia.</mark> <u>http://www.armbanks.am/en/insurance-market/?org=86&lang=en, www.reso.am</u> 11. Rosgosstrakh - Armenia was established in May 2008, by an investment holding company “RGS 78