One of Azerbaijani insurance market's leaders renamed

Business Materials 2 July 2011 11:32 (UTC +04:00)

Azerbaijan, Baku, July 2/ Trend, A. Akhundov /

Azerbaijani insurance company Azal Sıgorta has been rebranded, the company's board chairman Niyazi Safarli told Trend.

Henceforth the company will be named "İpek Yolu Sıgorta Sirketi".

He said the company has already passed the state registration in the Taxes Ministry in connection with rebranding.

"In the near future we expect renewing a license for insurance activity in the State Insurance Supervision Service under the Finance Ministry," Safarov said.

Presentation of the company under its new name is planned to be held during II Azerbaijan International Insurance Forum, which will be held in Baku on July 7-8.

In January-May Azal Sıgorta collected premiums worth 7.79 million manat, showing the second result in the Azerbaijani insurance market. The company's compensation amounted to 2.77 million manat.

Azal Sigorta, specializing in air transport insurance, was established in 1995. The Finance Ministry provided the company with a permanent license on Nov. 12, 2010.

The founder of the company is CJSC "Azal".

The official exchange rate is 0.7867 manat to $1 on July 2.