Azerbaijan’s Insurance Company Standard Insurance Announces Plans on Increase Authorized Capital (video)
Azerbaijan, Baku /corr. Trend U.Ismaylova / The Chairman of the Executive Board of Standard Insurance Company, Kamal Ibrahimov, said that the company has devised an action plan which will be implemented by the end of the year.
According to Ibrahimov, the company plans to double its authorized capital which presently amounts to AZN 4 mln.
"Capitalization is an indication of financial stability of the company," he said. Furthermore, Standard Insurance is in talks with the international rating company Moody's. The rating is expected to be received by September. The rating will be issued as a result of inspections by the auditor company PricewaterhouseCoopers.
Ibrahimov said that the plans of Standard Insurance include expanding its branch network to the Guba and Lankaran regions of Azerbaijan. Currently the company has branches in the cities of Baku and Ganja.
Standard Insurance, a large company in the insurance market of Azerbaijan, was established in February 2002. Standard Insurance was created with an authorized capital of AZN 600,000.