TenGer Financial Group has acquired
50% of Prime General Insurance LLC, a leading insurer of the country.
The remaining half is owned by Petrovis LLC. The acquisition is expected to
help Prime Insurance strengthen its business position and become the leader in
the field. U.Ganzorig, CEO of Prime Insurance, has said the move will help the
company provide “comprehensive financial services to customers and to introduce
a new standard in the financial sector of Mongolia”. J.Oyungerel, founder of
Petrovis, has hailed the TenGer decision as a “clear example that well known
private enterprises of Mongolia can successfully cooperate”.

Prime Insurance Company, one of the top three insurers of Mongolia, provides
service to 700 companies and 11,000 individuals. TenGer Financial Group is the
lead investor in Xac Bank, Xac Leasing, Xac Securities and Chorus Nomadic
Solutions. Last year, it made its first international investment, in a Kyrgyz
financial company, and plans to expand in the Russian Federation, Central Asian
countries and China.

Among shareholders of the Group are EIT Capital Management, IFC, EBRD, Mercy
Corps, Triodos Bank Group of Holland, Blue Orchard Investment Fund of Luxemburg
and some domestic NGOs.