Azerbaijan, Baku, 22 July / Trend corr. U.Ismayilova / AZRE Tekrarsigorta, the one reinsurance company in Azerbaijan has established its daughter insurance company Gala Sigorta OJSC, the Azerbaijani Tax Ministry reported on 22 July.
The authorized capital of the company is AZN 1mln. Hasan Babayev is the founder of the company. AZRE Tekrarsigorta's share in the company makes up 60% and 40% belongs to Nazam Mahmudov, the heading 'One window' placed in the official website of the Tax Ministry reported.
AZRE Tekrarsigorta was beyond the reach of immediate comments.
Namig Khalilov, the chief of the State Insurance Supervision under the Finance Ministry, said that the new founded Gala Sigorta has not appeal to the Ministry to get license to hold insurance activity yet.
The first Azerbaijani re-insurance company AzRe received a license to hold reinsurance activity in the Finance Ministry on 7 November 2007. The authorized capital of the company is AZN 2mln. Six individuals are the shareholders of the company. Company renders Non-life insurance service to regional re-insurance companies and re-insurance middlemen as well.
Taking into consideration Gala Sigorta there are 29 insurance and one re-insurance company in Azerbaijan. According to the Finance Ministry, the companies received premiums on the sum of AZN 51.5mln with payments AZN 8.99mln in the first quarter.
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