Azerbaijan, Baku, July 5 / Trend A.Akhundov /
The only reinsurance company in Azerbaijan AzRe is going to get international ratings, chairman of the company's board Vusal Abbasov told Trend on Thursday.
"The company now expects to receive ratings from international rating agencies. Negotiations have not started yet. We now carry out the necessary internal procedures," Abbasov said.
He said the company expects to receive ratings from AM Best. "Most foreign markets require a rating. A rating will open us up to many markets," Abbasov said. He said the company plans to get rating next year.
The first Azerbaijani AzRe Reinsurance Company initially received a Ministry of Finance of Azerbaijan licence on November 7, 2007. Its shareholders are six individuals. The company provides non-life insurance, both to local and regional insurance reinsurance companies and reinsurance intermediaries, including property insurance, construction risks, insurance of water and air and road transport, cargo insurance, accident, liability and financial risks.