New player enters reinsurance market in Azerbaijan

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.

Geostat reveals volume of meat production in Georgia
Geostat reveals volume of meat production in Georgia
Georgia reports 234 coronavirus cases, 349 recoveries, 9 deaths
Georgia reports 234 coronavirus cases, 349 recoveries, 9 deaths
Health Minister: Only WHO approved vaccine to be imported
Health Minister: Only WHO approved vaccine to be imported
Loading Bars
Latest
GE nears deal to combine aircraft-leasing unit with AerCap
Reopening schools a "national effort" to beat coronavirus - UK PM
Iran to construct new seaport making it largest in country
France ramps up weekend COVID-19 vaccinations after slow start
U.S. administers 90.35 million doses of COVID-19 vaccines
Swiss agree to outlaw facial coverings in 'burqa ban' vote
UK reports 82 new COVID-19 deaths
White House cites 'active threat,' urges action despite Microsoft patch
Iran's South Pars Gas Company declares gas production volumes
President Ilham Aliyev makes Facebook post on International Women's Day
4 terrorists killed in security forces operations in NW Pakistan
Turkey registers more than 11 180 new coronavirus cases
Iran’s CBI unveils amount of loans issued by banks
Azerbaijani Finance Ministry to auction off interest-bearing bonds
Iran to launch several facilities under city municipalities
Azerbaijan together with McKinsey improving railway sector
Turkmenistan's State Development Bank opens tender for IFRS 9 standard implementation
FIA updates schedule of Formula 1 weekends
Amount of loans issued in Iran's industrial and mining sectors announced
Israel's forex reserves hit record 185.09 bln USD
Review of main events of Azerbaijani financial market for first week of March
Turkey goes zero waste in agriculture
Iran's Energy Exchange announces products to be on sale on March 8
Iran’s Bahar Azadi gold coin price rebounds
Uzbekistan takes additional measures to support livestock industries
Iran’s CBI shares report on open market operations
Geostat reveals volume of meat production in Georgia
Reopening schools a "national effort" to beat coronavirus: UK PM
Jordan's PM reshuffles cabinet to accelerate reforms
Turkmenistan's oil refining volumes exceed plan
Kazakhstan increases imports from Hungary in 2020
Iran's interbank interest rate decrease
Weekly review of Azerbaijani currency market
Indonesia reports 5,826 new COVID-19 cases, 112 more deaths
7 killed, 3 missing in floods in northern Algeria
Iran reveals COVID-19 data for March 7
Azerbaijan shows footage from Aghdam's Suma village (VIDEO)
COVID cases up in Turkey’s 3 biggest cities as east enjoys calm
Turkmenistan reveals indicators of construction, industrial sector
Iran launches new projects in Hormozgan Province
Azerbaijan's Mortgage & Credit Guarantee Fund signs tender contract
Russia’s confirmed coronavirus cases grow by 10,595 in past day to 4,322,776
Azerbaijan confirms 127 more COVID-19 recoveries
Bitcoin rises 4.2% to $50,947.94
Georgia reports 234 coronavirus cases, 349 recoveries, 9 deaths
Uzbekneftegaz stabilizes pressure at gas pipelines of Mubarek oil & gas dep’t
Prices on Azerbaijani oil continue to rise
Khazar Consortium opens tender for purchase of steam field unit
Iran to manufacture new wagons and locomotives
Saudi-led coalition destroys 10 Houthi drones
Document on providing all countries with vaccine against COVID-19 adopted under Azerbaijan’s chairmanship in NAM
8 police, 5 militants killed during clashes in N. Afghanistan
Weekly review of Azerbaijani precious metals market
Iran's Energy Exchange announces products to be on sale on March 7
Azerbaijan shows footage from Fuzuli's Garakollu village (VIDEO)
Weekly review of major developments in Azerbaijan's transport sector
S. Korea reports 416 more COVID-19 cases, 92,471 in total
Health Minister: Only WHO approved vaccine to be imported
Turkey records dropping revenues from cement export to Georgia
Iran's customs releases more imported commodities
Turkmenistan shares data on GDP growth rate
New hazelnut processing plant to open in Azerbaijan’s Zagatala
New Zealand's Auckland emerges from lockdown, Australia starts AstraZeneca vaccinations
China exports jump 60.6% y/y in January-February, imports up 22.2%
Brazil registers 1,555 deaths from COVID-19 in 24 hours
Iran's trade, economic, political relations with neighboring countries to be developed
Ebola infects 29 people, kills 13 in Guinea, DRC: Africa CDC
UN chief condemns terrorist attack in Somalia
Paraguay’s president asks all ministers to resign amid protest rallies
Weekly review of highlights in Azerbaijan's agricultural sector
Israel reports 3,262 new COVID-19 cases, 799,727 in total
Biden says $1,400 payments can start to go out this month
France registers 23,306 new coronavirus cases, 170 deaths
U.S. Senate passes 1.9-trln-USD relief bill after marathon overnight session
UK records another 6,040 coronavirus cases, 158 deaths
India could be next happening market for SPAC-driven investor frenzy
Amazon, Google vie for piece of India digital payment market
India’s Wipro to acquire UK company for $1.45 bn
Indian-American named 1st VP, COO of Federal Reserve Bank of New York
Indian Govt to support Sri Lanka – Keheliya
Canada thanks India for sending 500,000 doses of COVID-19 vaccines
India proposes inclusion of Chabahar Port in INSTC multi-lateral corridor project
Nepali Parliamentarians take COVID-19 vaccine ahead of reinstated lower house meeting
Twitter tests audio chat tool Spaces on Android in India
WHO reports over 353,000 new daily cases of COVID-19
U.S. administers 87.9 million doses of COVID-19 vaccines: CDC
Foreign diplomats acquainted with Gulebird HPP in liberated Lachin of Azerbaijan (PHOTO)
Uzbekneftegaz eyes increasing daily production of liquefied gas at Shurtan oil&gas dep’t
Maduro receives Russia’s Sputnik V COVID-19 vaccine
Prices for fuels and lubricants increase in Kyrgyzstan 10-15% in one month
Turkey reports 11,770 COVID-19 cases in 24 hours
Iran, Iraq confer on expansion of transportation coop.
Visitors from Central Asia countries to enter Georgia with PCR tests
Armenian occupants seriously damage Azerbaijan's ecology - Ministry (PHOTO)
Paris police clear Seine riverside over lack of social distancing
Twitter's Dorsey auctions first ever tweet as digital memorabilia
Tibetan spiritual leader Dalai Lama gets vaccine shot
Five people killed in Ukrainian bus crash in Poland
Azerbaijani oil & gas sector's weekly review
Air France plane forced to land in Sofia due to disruptive passenger
All news