American International Group sells 100% of its subsidiary in Azerbaijan (UPDATE)

Details added (first version posted on 11:31)

Baku, Azerbaijan, Oct.14

By Anvar Mammadov, Azad Hasanli - Trend:

The only reinsurance company in Azerbaijan - AzRe Tekrarsigorta JSC has obtained 100 percent of shares of Chartis Azerbaijan insurance company, the subsidiary of American International Group, Inc. (AIG Inc).

The transaction took place Sept.30, Chartis Azerbaijan company told Trend.

Chartis (AIG Insurance) is a large international organization in the field of property and personal insurance (insurance other than life insurance), serving over 40 million customers in more than 160 countries and jurisdictions.

Thus, number of insurance groups rendering a full package of insurance services (life and non-life insurance) in Azerbaijan will reach three. Currently, two such groups PASHA Insurance-PASHA Life Insurance and Ateshgah Insurance-Ateshgah Life Insurance operate in Azerbaijan.

Previously, the insurance company's representatives have repeatedly talked about the negotiations with local investors on selling the subsidiary in Azerbaijan.

The subsidiary of AIG in Azerbaijan has always been profitable and didn't need support from the parent company, according to the representatives of Chartis Azerbaijan.

The decision to sell the company was made because the Azerbaijani market is quite small and it is not beneficial for the US insurer to have a subsidiary here.

"There are no changes in the company's management," said the insurance company. "Currently, we are preparing to rename it."

Presumably, the company will continue to provide services for insurance other than life insurance.

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Follow the authors on Twitter: @Anvar_Mammadov, @AzadHasanli

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