Baku, Azerbaijan, Oct. 22
By Anvar Mammadov – Trend:
A.M. Best, the world’s oldest and most authoritative insurance rating and information source, has affirmed the Financial Strength Rating of B+ and the Long-Term Issuer Credit Rating of “bbb-” of AzRe Reinsurance OJSC, the sole domestic reinsurer in Azerbaijan.
The outlook of these Credit Ratings (ratings) remains stable, according to the service’s message posted Oct. 22.
“The ratings reflect AzRe’s excellent risk-adjusted capitalisation, strong operating performance and solid domestic business profile as the leading reinsurer in Azerbaijan,” the service said in the message.
“AzRe has achieved consistently strong underwriting and investment results, reflected in a five-year average return on capital and surplus of 22.6 percent,” reads the message.
AzRe Reinsurance began to operate in 2007. The company’s total capital is 69.51 million manats.