Azerbaijan insurance company expands its cooperation with foreign reinsure companies
Azerbaijan, Baku, Dec 12 /Trend A.Akhundov/
Azerbaijan insurance company AzSığorta plans to start cooperation with Gen Re, Mitsui Sumitomo Re, Partner Re in 2012, Deputy Chairman of the Board of Anar Talibov said to Trend on Saturday.
"AzSığorta cooperates with major insurance and reinsurance companies in the world, including Zurich, Munich Re, Hannover Re, SCOR, GENERALI, BRIT Insurance, Lloyds Syndicates, Chartis, Catlin, Allianz, Polish Re and others," Talibov said.
Talibov noted that in addition to insurance and reinsurance companies AzSığorta also cooperates with international brokers, including Howden, MAI, Marsh, AON.
The company will be able to increase the limit retention risk on one subject of insurance, with the expansion of capitalization. The company plans to expand premiums charge for at least 20-30 percent and the profit of the company will grow respectively in 2012, Talibov said.
The company plans to use entire profit derived on the basis of activities in 2011 on increasing the statutory capital. Talibov noted that the profit for 2011 expected to be $10-11 million manat, which is more than twice compared to 2010.
The authorized capital of the company is at 9.45 million manat.
AzSığorta was founded in November 2006. The company employs over 180 people. It provides services to 32 voluntary and five types of compulsory insurance.
Official exchange rate on Dec 12 is 0.7864 AZN/USD