Azerbaijani Insurance Company Upgrades its International Rating

Business Materials 21 October 2008 20:48 (UTC +04:00)

Azerbaijan, Baku, 21 October / Trend corr. U.Ismayilova/ The amount of premiums collected by the Standard Insurance company rose over the same period of last year by 13.9 per cent to AZN 12.5mln, company said on 20 October.

The increase was observed for all major types of insurance, which constitute the overall portfolio of the company. The volume of payments for the nine months amounted to AZN 2.2mln.

Standard Insurance is one of the leading insurance companies in Azerbaijan. Company plans to double its authorized capital in 2009, which is currently AZN 8mln.

Moody's Investors Service rating of financial stability "B1 with a positive forecast", issued last year, remains the highest in the private financial sector and the only international rating assigned to domestic insurance companies. Revision of Standard Insurance's international rating in 2009 is being negotiated.

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