Beleximgarant
Belarusian insurance company
From Wikipedia, the free encyclopedia
Beleximgarant (Belarusian: Белэксімгарант; Russian: Белэксимгарант) is a Belarusian insurance company founded in 1997 under the name Belgorodzneshstrakh (Belarusian: Белдзяржзнешстрах) dealing with export insurance. It is fully owned by the Belarusian government.
| Company type | Government-owned corporation |
|---|---|
| Industry | Insurance |
| Founded | August 7, 1997 |
| Founder | Government of Belarus |
| Headquarters | , |
Area served | Belarus |
Key people | Valery Yermoshka |
| Products | Export insurance |
| Owner | Belarusian Ministry of Finance |
| Website | beg |
Together with Belgosstrakh, it is one of the leading insurance companies in Belarus.[1][2][3] and a legal monopoly in the field of insurance of exports with state support.[4] According to the Belarusian legislation, tourists entering Belarus need to hold a valid insurance policy issued either by Beleximgarant or Belgossrakh.[5] Since January 2024 Valery Yermoshka serves as the company's general director.[6]
History
On August 7, 1997, resolution No. 1036 issued by the Government of Belarus approved the creation of the enterprise "Belgorodzneshstrakh" as a subsidiary of the state company "Belgorodzneshstrakh".[7] On May 23, 2001, the Council of Ministers of Belarus, by Resolution No. 752, subordinated the company to itself and renamed it "Beleximgarant".[8]
On August 25, 2006, president of Belarus Alexander Lukashenko issued a decree No. 534, granted the enterprise the exclusive right to insure exports with state support.[4] In 2010, "Beleximgarant" provided insurance coverage for 57% of export loans. It ranked 6th in Belarus in terms of insurance premiums (62.1 billion rubles; $20.7 million).[9] The share of state-owned enterprises in the total insurance coverage was 86.4%. At the beginning of 2011, it became the 2nd largest insurer in the country in terms of equity (463 billion rubles; $154.3 million)[10] and authorized capital.[11]
By 2012, it provided services to over 8,000 enterprises in the country and was the 4th most profitable insurance company in Belarus. In 2013, payments to insured persons amounted to 13% (59.5 billion rubles) of their contributions (463.4 billion rubles). The share of contributions for export insurance amounted to 21% (99.4 billion rubles).
As of August 4, 2014, the authorized capital of the enterprise amounted to 4060 billion rubles] ($393.4 million).[12] In 2019 the company concluded export risk insurance contracts with the Development Bank of the Republic of Belarus[13] In 2020 Fitch Ratings downgraded the company's rating to negative.[14]
Since 2002, it has been a member of the Prague Club of the Berne Union.
Directors
- Vyacheslav Balibok (January 29, 1998 — 2009)[15]
- Hennadz Mitskevich (December 29, 2009 - 2024)
- Valery Yermoshka (since January 5, 2024)