The next increase of the authorized capital of AzRe Reinsurance OJSC
The next Annual General Meeting of Shareholders of AzRe Reinsurance OJSC was held on 19 February 2010. Financial reports of 2009 year and financial plans of 2010 year was discussed and adopted in the meeting. As per the results of the meeting, it was adopted to increase the authorized capital of the Company up to 10 860 000 manats, by the way of increasing nominal value of the shares, due to the retained earnings of the Company as of 31 December 2009.
AzRe Reinsurance OJSC, the only national sole reinsurance company on the local insurance market, started operation with 2 000 000 manats authorized capital on 01 November 2007. The first capital increase of the company was made on 09 December 2009, increasing it from 2 000 000 manats to 4 000 000 manats.
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