Gazelle Finance Georgia has provided a mezzanine financing tranche of capital to the leading independent insurance company in Georgia, JSC ARDI Insurance, which is in a high growth stage as it rapidly expands its operations throughout the country of Georgia. ARDI Insurance was founded in 2010 and quickly became one of the most stable and innovative insurance companies in the country. It operates via corporate service centers – five of them based in Tbilisi and another five in the regions. Today ARDI Insurance commemorate the opening of its new branch in the largest city in the western region of Georgia – Kutaisi. This new branch will not only offer the full spectrum of insurance services and products throughout the region but will also have the capacity to deliver customized products for improved risk management to its corporate clients.

ARDI has achieved steady growth since its establishment securing top three market share positions in the underwriting of the following polices: up to 50,000 medical insurance policies, up to 2,500 motor insurance policies and up to 2,000 financial risks insurance policies. As the insurance market in Georgia is still considered to be young and underdeveloped, representing only 1% of GDP, there is great growth potential in this market segment. Anticipated growth drivers include introduction of compulsory motorized vehicle third-party liability insurance (MTPL) for all citizens beginning from 2019, introduction of private pension schemes and related insurance products, and continued Government support for state-subsidized agricultural insurance coverage.

“Gazelle Finance is very excited to support ARDI’s expansion strategy into the western region of Georgia, as it better positions the company to keep pace with the rapid growth in policy underwriting in the Georgian insurance market that will take place over the coming years as the anticipated compulsory insurance regulations are enacted by the government…” said Jeffrey Liebert, CEO of Gazelle Finance.

ARDI strives to differentiate itself from competitors by developing a customer service-oriented culture. By minimizing its marketing and advertising budgets, frees up capital that allows the company to focus on meeting its payout obligations on insurance claims in a timely manner. The company believes that the best form of advertising is by word of mouth of its clients, creating a confidence in the marketplace that ARDI meets its pay-out obligations consistently, fairly, and on-time.

“We first entered the Imereti region in the west of Georgia when we launched the Kutaisi branch in 2013. It was the company’s first regional office ever opened and that was important impetus for ARDI’s regional development strategy. Shortly after opening, it was clear to us based on the immediate demand for our products by our clients that the western region was an underserved market and that regional expansion was the right growth strategy for our company. This is why being able to expand into the region by opening (our second) branch office is very thrilling for us and is only the first chapter in our expansion strategy into other regional centers in Georgia”, said Michael Japaridze, CEO of ARDI Insurance.

Gazelle Finance

Gazelle Finance (, is a US fund manager managing an impact investment fund called “Gazelle Fund”, including investment capital from OPIC, FMO, DGGF and Georgian Partnership Fund. The fund launched in March of 2017 and currently has operations in Georgia and Armenia. The fund targets the “missing middle”, which consists of small and medium companies, typically in the $100K to $1.0M in financing range, that lack access to growth capital because they are small, highly under collateralized and tend to be an earlier, but high growth stage of development. The fund has a generalist investment strategy.

JSC ARDI Insurance

Established in 2010 and headquartered in Tbilisi, JSC ARDI Insurance (, is the 4th largest insurance company according to Gross Written Premiums (GWP) out of 16 existing insurance companies operating in Georgia. ARDI has well persified client base, which is a strong foundation for its financial stability and profitability. ARDI also prides itself for being a standalone and independent insurance company, not affiliated with any financial institutions from Georgia, unlike other market leaders suggesting that the Company was able to dynamically grow only thanks to its internal resources and prudent management.


Nino Sebiskveradze, Gazelle Finance

Tel: +995.32. 243432


Teona Goderidze, JSC ARDI Insurance

Tel: +995.599.700990