Owner of Armavia air company Mikhail Baghdasarov said ISG insurance company has shut down, but not sold.

Armenian RASCO and ISG insurance companies agreed on merger, while the Central Bank of Armenia gave its preliminary consent to the deal. Under the agreement between the two companies, ISG’s insurance portfolio will be transferred to RASCO company, while ISG will be liquidated as a result of the deal.

The rating of Armavia air company has raised, and now it insures directly in England, Baghdasarov told journalists on May 11 in Yerevan. Thus, there was no longer need in ISG and it has been closed.

ISG was founded by Mika Limited company, while insurance of aviation risks made major part of the company’s portfolio.