Azerbaijani AtaInsurance company’s capital raises twice as much regulatory requirement
Baku, Azerbaijan, March 4
Azerbaijani State Securities Committee has registered an issue prospectus of AtaInsurance Open Joint Stock Company's (OJSC) ordinary book entry registered shares worth 2.4 million manats, according to the company's message.
Within the issue prospectus, 96,000 shares at a par value of 25 manats each were issued.
As a result, the authorized capital of the company has reached 10 million manats, which is twice as much the regulatory requirement of Azerbaijani Finance Ministry for minimum total capital of the insurance companies.
"The dynamic development of the insurance sector in Azerbaijan Republic opens some opportunities to insurance companies. Regular increase of the financial power plays a great role in taking advantage of these opportunities. AtaInsurance will continue increasing the authorized capital in order to fulfil the obligations to its clients and partners in a timely manner and to ensure its financial stability," chairman of the executive board of AtaInsurance OJSC, Museyib Aliyev said, while speaking about the next increase in the authorized capital.
AtaInsurance, an AtaHolding Company, has been operating in the insurance market since 2004 and renders services on 22 types of voluntary and four types of compulsory insurance.
AtaInsurance is a founder and member of Compulsory Insurance Bureau.
Service network of AtaInsurance OJCS consists of five branches, eight representative offices and six sales offices.
The official exchange rate for March 4 is 0.7844 AZN/USD.