A Significant Achievement for Armenia’s Insurance Market
Marking three decades of activity, Prime Insurance Brokers LLC has officially received the prestigious Lloyd’s broker accreditation and has been registered as an authorized Lloyd’s broker, gaining direct access to the world’s leading insurance and reinsurance marketplace, Lloyd’s of London.
On March 24, a celebratory event was held on this significant occasion, attended by high-ranking officials of the country, representatives of the banking sector, business leaders, and clients of Prime Insurance Brokers.
Welcoming this remarkable achievement, the President of Armenia, Vahagn Khachaturyan, noted in his speech: “Prime Insurance Brokers is the first company in Armenia to receive brokerage accreditation from the internationally renowned Lloyd’s market. This important accomplishment reflects the company’s high professional standards, reliability, and compliance with international norms.” He wished the company continued success and new achievements.
According to the company’s CEO, Siranush Yakhshibekyan, obtaining Lloyd’s broker accreditation is now a reality, and it is not only a victory for the company but also a major achievement for the country, particularly for Armenia’s insurance market.
As a result, Armenia has also been listed on Lloyd’s official website as a recognized market where Lloyd’s has an accredited broker.
Lloyd’s broker accreditation is granted exclusively to companies that have undergone comprehensive and rigorous monitoring in line with international standards, meeting strict criteria in professional competence, financial stability, compliance, operations, legal frameworks, confidentiality, governance, and internal control mechanisms.
This prestigious status strengthens the company’s position in the local and regional insurance sector, enabling it to act as an international broker by participating in the placement of insurance and reinsurance programs within the Lloyd’s market and beyond effectively bridging Armenian and regional markets with Lloyd’s in London.
The Lloyd’s broker status significantly enhances the level of protection for the company’s clients and partners by aligning it with the standards of the Lloyd’s market, considered a global benchmark in insurance.
Congratulating the company on this achievement, the President of the Union of Manufacturers and Businessmen of Armenia, Arsen Ghazaryan, emphasized the importance of Prime Insurance Brokers’ work since the 1990s in supporting domestic businesses by introducing and providing high-quality insurance services.
Under the leadership of Artavazd Yakhshibekyan, the company has for many years managed and distributed risks for numerous members of the Union, becoming the first to carry out reinsurance on international platforms.
“This new status achieved by the company is the result of persistence, consistent work, and the strength of its team,” noted the head of the Union. “I am pleased that the younger generation involved is setting equally high standards that must be maintained and surpassed. I congratulate the company, our economy, and our business community, because being reinsured on the Lloyd’s platform truly means having guarantees against all kinds of catastrophes.”
Wishing further success, Arsen Ghazaryan awarded Prime Insurance Brokers LLC with a certificate of honor and a Gold Medal from the Union of Manufacturers and Businessmen of Armenia for providing high-quality insurance services and for obtaining Lloyd’s broker status.
