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Azerbaijani Largest Insurance Company Opens Subsidiary in Georgia

Business Materials 30 November 2007 17:12 (UTC +04:00)

Azerbaijan, Baku / Trend corr U. Ismayilova / Standard Insurance, one of the largest insurance companies in Azerbaijan, officially announced launching of its insurance services abroad, the company reported on 29 November.

Georgian registration bodies issued a license to Standard Insurance Georgia which enables the company to launch its insurance activities in the country. The company, which is a subsidiary of Standard Insurance, will render all kind of insurance services, including life insurance, in the Georgian market.

It is expected that re-insurance operations will take a considerable place in the activities of the new company. Along with rendering full range of insurance services in Georgia, the central office in Baku expects the new company will take an active start in the new market and will provide for high-quality insurance services.

Standard Insurance Georgia was officially registered by Georgian authorities in October 2007. The initial authorized capital of the company made up 1.6mln laris (some $1mln). Thus, Standard Insurance became the first Azerbaijani insurance company to open its subsidiary in Georgia.

The Standard Insurance company was established in February 2002. Owing to its activities it gain international respect and was the only Azerbaijani company to be included in the Security List of AON.

Recently Standard Insurance received the highest financial rating B1 for private financial sector of Azerbaijan with positive forecast from Moody's Investors Service agency.

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