Azerbaijan, Baku, Feb. 6/ Trend Capita/
Azerbaijani Kavkaz Sigorta insurance company has been renamed into Atesqah Heyat, the company said.
Atesgah Heyat will be first insurance company to offer only life insurance in Azerbaijan. The company was launched due to hand-over of Atesgah Sigorta's all life-insurance risks (re-insurance) to Kavkaz Sigorta who, in his turn, handed over all Non-Life risks to Atesgah Sigorta.
Both companies are owned by ISR Holding.
The Law on Insurance Activities passed Mar. 15, 2008, stipulates that companies must deal with only certain types of Life insurance.
Atesgah decided to change its shareholders Feb. 2008. ISR Holding Ltd who had acquired 49% of Norcross, part of CapitalЪ Insurance Group, became company's new shareholder. The remaining 30 percent is owned by Socar and 21 percent - RAN-Eksim.
ISR Holding Ltd acquired Kavkaz Sigorta in summer of 2008.
Kavkaz Sigorta was founded on base of Qafqaz Sigorta and New London Insurance LTD in 2007. It has authorized capital of 1 million manats.
ISR Holding founded in 1995 deals with construction of business centers, hotels and residential buildings, trade and transportation of oil products and iodine exploration and production.