Azerbaijan, Baku, March 17 / Trend U. Ismayilova /
Azerbaijan's only reinsurance company AzRe Tekrarsigorta has increased its authorized capital to 25.8 million manat from 10.86 million manat, AzRe Tekrarsigorta Chairman of the Board Vusal Abbasov said.
"The authorized capital is increased at the expense of profit for 2010," Abbasov said.
He said increasing capital is an urgent issue for the company.
Regarding the company's premiums as of 2010, Abbasov said they exceeded 21 million manat last year, and the figure is almost equal to the indicator for 2009.
The Azerbaijani State Securities Committee as of March 1 registered AzRe Tekrarsigorta's ordinary book-entry registered shares. As part of the issue, 2,000 shares were issued at a par value of 12,900 manat. The placement will be carried out by converting previously registered shares with a nominal value of 5,430 manat each.
AzRe received its license from the Finance Ministry on Nov. 7, 2007. The company's shareholders are six physical entities. The company renders non-life insurance services both to local and regional insurance and reinsurance companies and reinsurance intermediaries.