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Archimedes Global Georgia to Exit Administration

Published: September 11, 2013 | 11:12 am
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TV3 has found out that the insurance company Archimedes Global Georgia will exit administration in a few days’ time. According to the company’s Deputy Director, the management team, together with the administrators, have managed to optimise the company’s spending and financial figures. The appropriate financial documentation will be sent to the Insurance Supervision Commission today, after which the regulatory body will have to make a decision on suspending the administration process at Archimedes within 2 days.
Due to numerous breaches in the company’s financial accounts for the previous 6 months, the Insurance Supervision Commission appointed administrators at Archimedes Global Georgia on 21 August for a period of 2 months.

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