Azerbaijan, Baku, 30 May / Trend corr. U.Ismayilova / AzRE, an Azerbaijani re-insurance company, for the first time has made a decision to cooperate with the international insurance companies, Farid Aliyev, Manager of the company, stated on 29 May.
"Such a decision was made due to boom in the insurance market of the country," Aliyev stated.
From January to March, Azerbaijani insurance companies collected premiums worth AZN 50.80mln and payments- AZN 8.45mln. The increase in the market totaled 65%.
The company, according to Aliyev, is to extend the list of local partners. Ateshgah, MBask, Standard Insurance, Alfa Sigorta, Kavkaz Sigorta, BakiS?gorta, AtaSigorta and Azerbaycan Senaye Sigorta are the some of current existing insurance companies of Azerbaijan.
The first Azerbaijani re-insurance company AzRe got the state registration to operate from the Azerbaijani Finance Ministry on 7 November 2007. The authorized capital of the company is AZN 2mln. The company's shareholders are six individuals. Company renders Non-life insurance services to local and regional insurance re-insurance companies and re-insuirance agents.
As for the company's two months activities in 2007, the company collected premiums AZN 3.438mln and payments AZN 609,300. The revenues of the company totaled AZN 3.467mln and expenditure AZN 3.371mln.
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