Azerbaijan, Baku, May 9 / Trend A. Akhundov /
Azerbaijani insurance company PASA Sıgorta concluded an obligatory contract with leading A-rating reinsurers, the company said on Wednesday.
"In May PASA Sıgorta signed its first obligatory contract on reinsurance of property, construction and associated risks with such large A-rating reinsurance companies as Munich RE, SCOR, Polish RE, as well as a local reinsurance company AzRe to create a balanced insurance portfolio, to ensure financial stability and profitability of insurance operations," the statement said.
Munich Re is a leader underwriter under this contract.
Munich Re concluded its first obligatory contract on general insurance in the Azerbaijani market. This company is a leader in terms of annual reinsurance premium: http://www.munichre.com/en/group/key_figures/default.aspx.
"This agreement ensures a more reliable reinsurance protection and gives PASA Sıgorta an opportunity to respond quickly to customer needs," PASA Sıgorta board member and chief technical director Tural Aliyev said.
PASA Sıgorta, a member of PASA Holding, renders services to corporate and individual clients on 30 types of voluntary and compulsory insurance.
PASA Sıgorta strengthened its position among three leaders of the Azerbaijani insurance and reinsurance market in terms of capitalization and risk retention capacity with the authorized capital of 35.5 million manat and the current value of the assets of 76 million manat.
The official exchange rate is 0,7845 AZN/USD on May 9.