AZ Re: EUR 24.81 million GWP in 2017 and a 43% share of all outgoing reinsurance in Azerbaijan
Market share of AzRe is 43% of all outgoing reinsurance in Azerbaijan. Total equity as of January 01, 2018 was AZN 77.3 million (~EUR 38.06 million) * and total assets exceeded AZN 102.2 million (~EUR 50.33 million). Share capital of AzRe Reinsurance is AZN 50 million (~EUR 24.6 million). Net profit and paid income tax in 2017 amounted to AZN 21.4 million (~EUR 10.53 million) and AZN 4.4 million (~EUR 2.16 million) accordingly from the gross profit of AZN 25.8 million (~EUR 12.7 million).
AzRe Reinsurance OJSC is the first and the only reinsurer on Azerbaijan market. The company was founded in 2007. AzRe entered the international market for the first time in 2010 starting from Middle East and CIS by offering low-rated facultative reinsurance/high loss ratio obligatory reinsurance. In 2013 AzRe developed its international business acquisition strategy and made a decision on getting a financial strength rating from A.M.Best. On October 17, 2014 A.M.Best assigned a financial strength rating of B+ (Good) and an insurer credit rating of "bbb-", outlook stable for both ratings to AzRe Reinsurance. This made AzRe the first company on the Azerbaijani insurance market having international rating of that level. Main business lines, that AzRe Reinsurance underwrites, are: property, engineering, liability, motor, personal accidents. Facultative capacity of AzRe amounts to: USD 20 million for property, USD 20 million for engineering, USD 20 million for cargo, USD 10 million for liability; obligatory capacity amounts to USD 1.5 million. AzRe has two additional pillars for the reinsurance strategy in the form of Qala Life and Qala Insurance.
AzRe is not only the leading reinsurer of the local market but also successfully operates on foreign markets. AzRe Reinsurance cooperates with the leading foreign reinsurance companies in Europe and CIS, Gulf Countries and Middle East, North Africa and other regions (Obligatory business covers CIS, Eastern Europe, Turkey, Iran, Middle East and Africa; facultative business - CIS).
*1 EUR = 2.0307 Manat - AZN (December 31st, 2017, Central Bank of Azerbaijan Republic)