Memorandum on Cooperation for Foundation and Support of Activities of "AtaHayat Insurance" OJSC was signed between "AtaHolding" OJSC and one of the largest Slovenian reinsurance companies - Sava Re Ltd". The document was signed during the work of Azerbaijani-Slovenian business forum which was held in Lyublyana, Slovenia on June 10th 2011 and was attended by the President of Azerbaijan Republic Dr. Ilham Aliyev and President of Slovenian Republic Dr. Danilo Turk.
Expressing his opinion about the memorandum, The Chairman of the Executive Board of "AtaHolding" Mr. Farid Asadov stated: "I believe that memorandum on cooperation for establishment of "AtaHayat Insurance" will give impetus to the development and popularization of life insurance and will increase this segment of the insurance market in Azerbaijan. Signing of the memorandum during the work of the forum, which was attended by the President of Azerbaijan Republic Dr. Ilham Aliyev and President of Slovenia Republic Dr. Danilo Turk gives us double satisfaction".
It should be noted that "AtaHolding" OJSC is the first company that has established cooperation with foreign company for development of life insurance. The authorized capital of "AtaHolding" is 83,9 mln. AZN and these resources are directed mainly into financial, IT, industry and tourism fields. "AtaHolding" is presented by "AtaBank" OJSC, "AtaInsurance" OJSC, "AtaLeasing" OJSC, "VTB Bank" (Azerbaijan) OJSC in the financial sector, by "AtaTourism" in the tourism sector, by "AtaTechnology" in the IT sector, and by "AtaIndustry in the industrial sector.
"Reinsurance Company Sava Re" LTD is one of the biggest reinsurance companies in Slovenia and member of Sava Re Group which comprises of 15 non-life and life insurance companies.
In 1990 the Company was reorganized as joint stock company under the Slovenian Companies Act.
The shareholders of Sava Re are various financial institutions; the biggest shareholder is Slovenian Restitution Fund, which owns 25% of shares. The shares of the Company are on public offering and listing on Ljubljana Stock Exchange. Share Capital of the Company is 39,1 mln. Euros.
Sava Re was upgraded by Standard & Poor's to A - rating with a stable outlook.
