Azerbaijan, Baku, Jan.6 / Trend U. Ismaylova /
Shareholders of the Azerbaijani insurance company, Fidan Sigorta, are interested in attracting additional investors to improve the financial situation of the company, the company Chief Specialist Ali Veliyev said.
"We are looking for new investors who may be both local and foreign companies," Veliyev said.
According to him, the company's shareholders have been looking for new investors for more than a month, however, they have also considered the possibility of Fidan Sigorta's merging with other insurance companies, which have similar problems of lack of financial resources.
Shareholders will take the final decision, Valiyev said.
Azerbaijan Finance Ministry's minimum capitalization requirement for insurance companies, as of Jan. 1, 2011, is fixed at 3 million manat.
Insurance company Fidan Sigorta has been operating in Azerbaijan since 1994, with an authorized capital of2.26 million manat. The company has a license to provide 23 types of insurance services, four of which are compulsory. Shareholders of the company include one legal and two physical entities.
The company's premiums for Jan.-Nov. 2010 amounted to 0.43 million manat, with payments in the amount of 0.19 million manat. The share of the company's premiums in overall portfolio of the insurance market amounts to 0.3 percent or 139.82 million manat, while payments amount to 0.41 percent or 45.48 million manat.
Official exchange rate is 0.7977 manat to $1 as of Jan.6.