Azerbaijan, Baku / Trend / The company,Standard Insurance doubled its authorized capital on 1 July, within the framework of its long-term development program.
The latest plan to increase its authorized capital was carried out in installments using the company's funds, and particularly shareholders' resources. The total sum of the company's fund amounts to AZN 9.5mln.
The development program of 'Standard Insurance' envisages a further increase of the index. The next increase of capital is being planned for mid-2008.
The company successfully passed the audit conducted by the PricewaterhouseCoopers, an independent audit group company.
Standard Insurance is one of the most active participants of the country's insurance market. The company has been leading the car insurance market for the last two years. In 2006, the company managed to increase the number of its real estate contracts.
The company implemented a range of tenders, put forward by different State and private organizations. Standard Insurance won seventeen tenders out of eighteen held within six months of 2007, as well as tenders announced by the National Bank of Azerbaijan and Azercell Telecom JV, an Azerbaijani mobile operator.