Azerbaijani insurance company chooses re-insurers and brokers for 2011
Azerbaijan, Baku, Nov. 8 / Trend A.Akhundov /
The Azerbaijani Pasha Sigorta insurance company appointed its strategic partners for 2011 as a result of agreements reached this week at an annual international reinsurance company symposium, Chairman Nofel Rzayev told Trend today.
"Our Board of Directors appointed our strategic insurance partners in the region for 2011, including the reinsurance companies ACE (France) and Munich Re (Germany), the brokers Marsh (United States) and Turker (Turkey) and two brokers from Lloyds," Rzayev said.
He added that an insurance company needs strong, stable and reliable reinsurance partners.
"Each insurance company, which has huge finances, places reinsurance on foreign markets," he said. "The reinsurance capacity (the reinsurance potential) is bought for this reason."
The negotiation process took place within an international reinsurance company symposium and forum, which took place in the German city of Baden-Baden on Oct. 24-29.
Pasha Sigorta is a member of the Pasha Holding. It offers 30 types of insurance services to corporate and individual clients. The company's authorized capital is 20 million manat. With total assets of 28 million manat, Pasha Sigorta is among the country's three leading insurers in terms of capitalization, maintaining at the same time one of the highest profit levels on the country's insurance sector.
Pasha Sigorta has been certified by Moody's as having attained the ISO 9001:2000 standard since 2007. Pasa Sigorta is also a participant of the U.N. Global Compact Initiative for the protection of human rights and the environment and countering corruption.
The official exchange rate is 0.7999 manat to $1.