Azerbaijani only reinsurance company plans to increase authorized capital

Business Materials 21 July 2011 17:25 (UTC +04:00)

Azerbaijan, Baku, July 21 / Trend A.Akhundov /

The Azerbaijani only reinsurance company AzRe plans to increase the authorized capital at the expense of profit in 2011, chairman of the company's board Vusal Abbasov told Trend.

"We expect to get profit this year, but there is no exact prediction for this index," Abbasov said.

He said that it is not ruled out that the authorized capital may be increased this year.
The company's aggregate capital as of late 2010 amounted to 25.82 million manat compared to 10.865 million manat a year earlier. AzRe Tekrarsigorta's authorized capital increase from 10.86 million to 25.8 million manat. The company's net income amounted to 15.619 million manat, increasing by 9.8 times during the year. The retained income increased fourfold to 20.798 million manat.

AzRe received its license from the Finance Ministry on Nov. 7, 2007. The company's shareholders are six physical entities. The company renders non-life insurance services both to local and regional insurance, reinsurance companies and reinsurance intermediaries, construction-assembly risks, insurance of water, air and automobile transport conveyances, cargo insurance, accident insurance, responsibility, and financial risks.