American International Group sells its subsidiary in Azerbaijan for $6.5M
Baku, Azerbaijan, Oct.15
By Azad Hasanli - Trend:
The only reinsurance company in Azerbaijan - AzRe Tekrarsigorta JSC has obtained 100 percent of shares of Chartis Azerbaijan insurance company, for $6.5 million, Vusal Abbasov, deputy chairman of the reinsurance company's management board told reporters Oct.15.
The official exchange rate on Oct.15 is 1.0469 AZN/USD.
Chartis Azerbaijan was the subsidiary of American International Group, Inc. (AIG Inc) which 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.
It was earlier reported that the transaction took place Sept.30, 2015.
"We are working on the development strategy of the new insurance company," said Abbasov.
"Currently, we are determining the areas of activity, but we will likely maintain the corporate orientation, since for operating in the retail sphere, it is necessary to carry out serious structural changes and determine the sales channels," he said, adding that all this requires time.
The new company's name hasn't been determined yet, said Abbasov, adding that there are several options, but they should be considered by the founders.
As for the changes in the company's management, the deputy chairman noted that for the present, it is unknown whether the previous management will remain.
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.
Edited by SI