Azerbaijani reinsurance company turns into regional reinsurer
Azerbaijan, Baku, Nov.26 / Trend A.Akhundov /
Azerbaijan's only reinsurance company AzRe Tekrarsigorta plans to increase its authorized capital at the expense of profits earned this year, Deputy Board Chairman Vusal Abbasov told Trend today.
During its three years of activity, the company has increased its authorized capital five times to 10.85 million manat, with its aggregate capital increasing 11 times to 22 million manat.
According to Abbasov, a significant share of the company's portfolio in 2011 will be income from abroad.
"Our goal is to turn our local reinsurance company into a regional reinsurance company," he said.
Abbasov added that the company is expanding its activities in Russia, the CIS, Middle East and other regions.
AzRe has signed obligatory and optional contracts with all insurance companies in Azerbaijan.
AzRe Tekrarsıgorta joined the insurance market in November 2007 with an authorized capital of 2 million manat.
The company's stockholders include six people.
The official exchange rate is 0.8 manat to $1.