New player enters reinsurance market in Azerbaijan

Business Materials 20 September 2012 14:38 (UTC +04:00)

Azerbaijan, Baku, Sept. 20 /Trend A. Akhundov/

Russian Insurance company Soglasie, which established its base in Azerbaijan, doesn't consider the only reinsurance company in the country AzRe to be its rival.

This was said to the journalists by the general director of the company Elnur Suleymanov. The company has set its goals on the establishment of partnership relations with Azerbaijani insurance companies in their risk reinsurance with Soglasie. The Soglasie team, headed by Emin Aslanov, was registered with the Azerbaijan tax authorities on June 19.

"We have no objections to AzRe, as our interests don't cross. Moreover, AzRe is our partner, and its risks are partly reinsured by us", Suleymanov said.

He added that the company has already launched its work in Azerbaijan in this field. "We obtained authorisation to conduct reinsurance operations in Azerbaijan about six months ago. We have already received risks and have contracts", Suleymanov said.

Soglasie is currently cooperating with major companies in the reinsurance market such as Hannover Re, Swiss Re, Munich Re, Gen Re, SCOR and Lloyd's syndicates.

"The company's financial control departments are successfully examined by international brokers such as the AON Group and Willis. The company is approved by brokers to place Central and Eastern Europe and CIS countries' risks", Suleymanov said.

The Soglasie Insurance Company was established in 1993. The company is currently offering more than 90 types of insurance and reinsurance activities. Its authorised capital amounts to 4.3 billion roubles (134.8 million dollars). The regional network of Soglasie consists of more than 700 different offices operating in all the federal districts of Russia.

In the first half of 2012 the volume of insurance contracts given to Soglasie amounted to 16.4 billion roubles (514 million dollars), of which insurance payments were 8.3 billion dollars (260 million dollars)

The Expert RA Preference Rating Agency raised the assurance rating of Soglasie to A++ 'exceptionally high level of assurance'. The rating notes the forecast to be stable.