AZ Re: EUR 24.81 million GWP in 2017 and a 43% share of all outgoing reinsurance in Azerbaijan

In 2017 AzRe generated AZN 50.4 million (~EUR 24.81 million) of GWP. Total income of the reinsurer in 2017 was AZN 54.6 million (~EUR 26.88 million) and total expenses amounted to AZN 28.8 million (~EUR 14.18 million).

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)



Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

The 15th International Risk Management Conference to take on 11-12 April 2019 at The Ritz-Carlton hotel in Almaty, Kazakhstan

The 15th International Risk Management Conference taking place on 11 and 12 April 2019 at The Ritz-Carlton hotel in Almaty, Kazakhstan. Since 2005, this Conference has become a traditional event not only for the insurance sector of the CIS countries, but has also acquired the international status. XPRIMM Publications is a traditional media partner of the event.

2019-02-07

Inclusive Insurance - a creative solution to narrow the protection gap in the emerging markets of the Southeastern Europe

Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.

2019-02-14

Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna

Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.

2019-02-14

FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.

2019-01-10

ON THE MOVE

Peter CLARKE named VP & COO of FAIRFAX

FAIRFAX Financial Holdings Limited announced that Peter CLARKE has been appointed Vice President (VP) and Chief Operating Officer (COO) of FAIRFAX, reporting to FAIRFAX President, Paul RIVETT.

12.02.2019

ERGO Group appoints a Polish manager

Adam ROMAN, board member of Ergo Hestia (Poland), will hold the position of Head of Global P&C of the ERGO group, effective 1 March. His tasks will include supervision over property insurance of the group in the areas of underwriting, actuarial and pricing, as well as reinsurance.

07.02.2019

TOP EVENT

Inclusive Insurance - a creative solution to narrow the protection gap in the emerging markets of the Southeastern Europe

Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.

14.02.2019

Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna

Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.

14.02.2019

FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.

10.01.2019

See all