Azerbaijan's only reinsurance company to enter foreign markets
Baku, Azerbaijan, Jan.30
By Abbas Akhundov-Trend:
Azerbaijan's only reinsurance company AzRe intends to obtain international ratings by mid-2014, Chairman of the company's board Fuad Guliyev told Trend on Jan.30.
"Currently we cover risks from abroad, but the share of this business in total is very low. The lion's share of business is provided by the local market. We plan to start work vigorously in foreign markets after receiving international rankings," Guliyev said.
The chairman of the board added that for this purpose the company is negotiating with a number of rating agencies.
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.
AzRe Təkrarsığorta entered the country's insurance market with an authorised capital of two million manat. Currently the company's capital is 40 million manat with the minimum liabilities set by the Azerbaijani Ministry of Finance to the total capital of reinsurance companies at the level of 10 million manat.
The Ministry of Finance plans to increase the liability to 20 million manat.
The official exchange rate for January 30 is 0.7842 AZN / USD.
Translated by M.L.
Edited by S.M.