Uzbek, Kazakh insurers sign agreement on cooperation in reinsurance sphere

Business Materials 4 September 2014 16:42 (UTC +04:00)

Tashkent, Uzbekistan, Sept.4

By Demir Azizov- Trend:

Uzbekistan's Kafolat State Joint Stock Insurance Company and Kazakhstan's MOI (MY) Insurance Broker LLP signed a general agreement on cooperation in the sphere of handing over the risks to the reinsurance by using brokerage services, a message from the Uzbek company said on Sept.4.

Reinsurance is one of the main areas of activity of MOI (MY) Insurance Broker LLP. One of the important projects of the company is the idea of creating the first reinsurance pool of Kazakhstan.

MOI became a participant of the Assurex Global International Association of Insurance Brokers in 2008.

Kafolat was founded in 1997 in accordance with the government decision of Uzbekistan. The company carries out nearly 80 reinsurance types and has over 150 territorial divisions in all regions of the country.

The largest shareholders of the company are: the National Bank for Foreign Economic Activity (32 percent), Navoi Mining and Metallurgical Combine (21.2), Uzagrosugurta State JSC (12.8 percent), Uzbekistan's Finance Ministry (9.5 percent) and Almalyk Mining and Metallurgical Complex (9.1 percent).

The authorized capital of Katofat currently amounts to 9.6 billion soums.

The volume of revenues of the company from inward reinsurance stood at 3.2 billion soums.

The official exchange rate on Sept.4 is 2351.84 UZS /USD.

Edited by CN