Insurance Broker Malakut to Actively Enter Azeri Market
CSC Insurance Broker Malakut plans to actively participate in the Azerbaijani market commencing next week, the Director General of Insurance and Re-insurance Malakut Sigorta LLC Emin Aslanov told Trend.
Malakut opened its office in Azerbaijan on 1 September 2006 on the basis of a license received from the Ministry of Finance. During the presentation of the Company, the representative of the Council of Directors of Malakut, Andrey Dolgopolov stated that Azerbaijan is one of the optimistic markets.
Malakut has representations in Ukraine and sister companies in Kazakhstan, Azerbaijan and Vietnam.
According to Dolgopolov, Malakut was created in June 2000 and is already leading amongst the broker and insurance companies in Russia, and according to 2006 data, the portfolio of the Company exceeded $100 mln.
The priority of the Company in Azerbaijan is to insure energy, property, aviation, marine and cargo transportation risks, as well as obligatory re-insurance. Together with insurance companies, "Malakut Sigorta" will attract banks, construction companies and hotels.
Since the beginning of its activities in Azerbaijan, the Company has signed a contract with Standard Insurance and hopes that by the end of 2006 this will increase up to 5-6 contracts. We hope to be involved with not only the large insurance market, but also small companies, Aslanov stressed.
"Malakut Sigorta" was created with authorized capital in the amount of $170.000, while the requirement for the broker companies equaled $5.000 at that time.