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October 2017

AzRe Reinsurance 10 years anniversary

On 22 October 2017 AzRe Reinsurance hosted an official reception at the Annual Baden-Baden Reinsurers Meetings dedicated to its 10th anniversary. The AzRe evening gathered more than 240 regional and international specialists and clients from all over Europe, CIS, Gulf Countries, Middle East, North Africa and other regions. 

In October, 2007 AzRe Reinsurance started with a capital of AZN 2 million with the staff of 3 employees. As of now, our Group, consists from 2 insurance companies Qala Insurance, Qala Life and one reinsurer (AzRe)  with the combined capital over than AZN 80 million and staff of 173 employees.

Throughout the decade, AzRe Reinsurance has been able to extend its cooperation from the local to the international markets, by offering complex reinsurance services to companies outside Azerbaijan. We, as the AzRe team, trust that we will remain the local reinsurance partner of choice due to our good service, strength, market role and activities and that we will continue to play a strong role in our region providing stability to our insurer friends. 


21 October 2016

A.M. Best Affirms Rating of “AzRe Reinsurance” OJSC

A.M. Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of AzRe Reinsurance: http://www3.ambest.com/ambv/bestnews/presscontent.aspx?altsrc=9&refnum=24545

The outlook of these ratings remains stable.

The ratings reflect AzRe’s excellent risk-adjusted capitalisation, strong operating performance and solid domestic business profile as the leading reinsurer in Azerbaijan.

Offsetting these rating strengths is the concentration risk inherent within the group’s underwriting and investment portfolios, as well as increased financial system risk resulting from challenging economic conditions.

AzRe has achieved consistently strong underwriting and investment results. Risk-adjusted capitalisation is expected to remain at a strong level, in spite of planned growth, supported by good internal capital generation.

This rating gives the opportunity to accept better quality risks with a broader geographical spread, to develop relations with foreign reinsurance brokers and like-minded reinsurers in order to increase the portfolio from outside Azerbaijan and of course to help the local insurance industry to provide protection for a wide range of risks, including the largest and most complex risks.


22 September 2016

Share capital

In September 2016 «AzRe Reinsurance» OJSC increased the share capital by 25%, namely from 40 million to 50 million manat.


20 July 2016

Training organized by "AzRe Reinsurance" OJSC, 11-13 July 2016 - Baku Jumeirah Beach Hotel

AzRe Reinsurance organized training "Financial Lines Insurance" for the insurance specialists.

Moderator of the program is Mr. Martin Fall. He has about 15 years experience working in the international insurance market.

Main themes of the course: Basic introduction to Financial Lines Insurance, BBB insurance, proposal forms and information requirements, pricing, wordings and claims, misconceptions.

This three-day course had high practical value for managers and specialists of insurance companies and the main aims were to improve skills and increase knowledge in financial lines insurance.

Certificates were issued to the delegates who attended this course.

Venue of the event was “Jumeirah Beach Hotel”.


20 April 2016

AzRe Reinsurance successfully renewed its main treaty program.

On April 01, 2016 AzRe Reinsurance successfully renewed its main treaty program. "AzRe Reinsurance" OJSC signed the non-proportional obligatory reinsurance contract with leading “A” rated reinsurance companies for the limit of 25 million manats, which covers the following risks on the territory of Azerbaijan and former USSR-countries: property, engineering, rolling stock, electronic equipment and machinery breakdown, cargo, third party liability (including product liability), employers liability and motor third party liability.


29 Mart 2016

Net profit of “AzRe Reinsurance” OJSC for 2015 year

Net profit of “AzRe Reinsurance” OJSC for 2015 year was 14 mln 171 thousand manat.

Total income for 2015 year was 65,1 mln manat and total expences was 48,1 mln manat. Income tax was paid in the amount of 3,82 mln from the profit amount about of 18 mln manat.

Reinsurer’s premium income – 50,7 mln manat.


16 October 2015

A.M. Best Affirms Ratings of AzRe Reinsurance, OJSC

16 October 2015, London—A.M. Best has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-” of AzRe Reinsurance, OJSC. The outlook for both ratings remains stable.

The ratings of AzRe reflect its strong consolidated risk-adjusted capitalization and operating performance, as well as its solid business profile as the sole reinsurer in Azerbaijan’s domestic market.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.


30 september 2015

Acquiring shares of “Chartis Azerbaijan Insurance Company” OJSC

In September 30, 2015 “AzRe Reinsurance” OJSC acquired 100% shares of “Chartis Azerbaijan Insurance Company” OJSC.

“Chartis Azerbaijan” OJSC was established in January 15, 1999 and was the daughter of the leading international insurance organization American International Group Inc. (AIG).


07 september 2015

August 24, 2015 - August 26, 2015. Training on Engineering Insurance by AzRe team

AzRe Reinsurance team organized training "Engineering insurance workshop" for the insurance specialists.

One of the social responsibilities of AzRe is upgrading technical knowledge level of insurance specialists of the local market.

Thus, a three-day technical seminar was initiated by AzRe Reinsurance at Baku Boulevard Hotel on August 24, 2015 - August 26, 2015 for the specialists of partner companies.

Main issues discussed during the seminar included overview of general terms and conditions of CAR/EAR policies, engineering insurance rating guidelines, analyses of different construction projects etc. in the form of case studies.

This three-day course has high practical value for the attendees and provided both a theoretical and practical insight into the engineering insurance, risk analysis, methods of rating.

It has been the 4th year that AzRe holds seminars to its clients on different topics and we will keep organizing such events for our partners in the future as well.

Certificates were issued to the delegates who attended this course.


06 july 2015

AIIF 2015, VI Edition

In July 2-3 in Baku was held AIIF - 2015 Azerbaijan International Insurance Forum - most important event in the Caucasus Region focuses on the new perspectives within the Region. The Forum brings together more than 250 participants from over 25 countries.

"AzRe Reinsurance" OJSC was the main sponsor of the event.

AzRe Reinsurance got the special award - “Outstanding Contribution to the development of the Azeri Insurance Market” from Romanian PR company “Media XPRIMM”.


01 july 2015

AzRe Reinsurance paid reinsurance indemnity in the amount of 238.312,65 manat

At the begining of July, 2015 AzRe Reinsurance paid reinsurance indemnity to the local insurance company in an amount of AZN 238 312. The claim was paid under facultative marine hull reinsurance slip. The loss occured as a result of water ingress through bulkhead at the electronic POD of drilling support of underwater equipment . This was the 2nd largest loss paid by AzRe on marine insurance. The biggest claim paid by us on marine insurance was in 2008 in an amount exceeding EUR 1 500 000.


22 june 2015

AzRe Reinsurance paid reinsurance indemnity in the amount of 2,6 mln. manat

At the end of June, 2015 AzRe Reinsurance paid reinsurance indemnity to the local insurance company in an amount of 2,6 mln. manat. The claim was paid under facultative property reinsurance slip. The loss occured as a result of a fire in the furniture manufacturing plant. This was the highest single loss paid by AzRe on property insurance since its establishment.


January, 2015

Cooperation agreement for advisory assistance

In January, 2015 AzRe Reinsurance concluded a long-term cooperation agreement with David Wansbrough-Jones for advisory assistance.

The main priorities are to be development of new strategies for foreign business development, support for international cooperation, and service enhancement.

Mr. David Wansbrough-Jones has about 45 years experience working in the international insurance market. He has worked as a consultant assisting with the advancement of insurance and reinsurance in Central and Eastern Europe, and has been retained by a number of insurance and reinsurance companies in this region and the World Bank. He was Head of Reinsurance Operations and Advisor to the Management Board at Sava Re from 2007 to 2010 and both prior to that and more recently was Advisor to Polish Re and a board member at London-Almaty Insurance Co in Kazakhstan and is presently Deputy Chairman of ‘Wygodnie.pl’, the Polish Price Comparison Website.


17 october 2014

A.M. Best Assigns Ratings to “AzRe Reinsurance” OJSC

A.M. Best has assigned a financial strength rating of B+ (Good) and an issuer credit rating of "bbb-" to AzRe Reinsurance. The outlook assigned to both ratings is stable:

http://www3.ambest.com/ambv/bestnews/presscontent.aspx?AltSrc=14&refnum=21767

Rating gives the opportunity to accept more qualitative risks and in the more countries.

“AzRe Reinsurance” is the first and the only reinsurance company on Azerbaijan insurance market received this international rating.

The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process.


23 june 2014

AIIF-2014

In June 19-20, 2014 in Baku was held AIIF - 2014 Azerbaijan International Insurance Forum - most important event in the Caucasus Region, dedicated to the insurance and reinsurance markets and it focuses on the main development trends and perspectives within the Region.

"AzRe Reinsurance" OJSC was the main sponsor of the event.

AzRe Reinsurance got the special award - “Outstanding Contribution to the development of the insurance industry” from Romanian PR company “Media XPRIMM”.


16 june 2014

Training organized by "AzRe Reinsurance" OJSC, 9-11 June 2014 - Baku Jumeirah Beach Hotel

AzRe Reinsurance organized training "Property underwriting workshop" for the insurance specialists.

Moderator of the program is Mr. David Wansbrough-Jones. He has about 45 years experience working in the international insurance market. He has worked as a consultant assisting with the advancement of insurance and reinsurance in Central and Eastern Europe, and has been retained by a number of insurance and reinsurance companies in this region and the World Bank.

Main themes of the course: Basic introduction to elements of capital and risk, property underwriting, risk definition, pricing and deductibles, monitoring, underwriting process.

This three-day course had high practical value for managers and specialists of insurance companies and the main aims were to improve skills and increase knowledge in insurance and reinsurance in accordance with international standards.

Certificates were issued to the delegates who attended this course.

Venue of the event was “Jumeirah Beach Hotel”.


09 April 2014

1st place in the tournament «Global Challenge International Business and Strategy Simulation»

Azre Reinsurance team got the 1st place in the tournament "Global Challenge International Business and Strategy Simulation", organized by "Allianz Consult" in partnership with CESIM on 8&9 April, 2014. This practice training gave the great understanding and valuable skills for the development of the company’s business, planning, monitoring and management.


01 April 2014

AzRe Reinsurance increased its treaty capacity

On 01.04.2014 "AzRe Reinsurance" OJSC signed the non-proportional obligatory reinsurance contract with the leading international reinsurance company “Hannover RE” for the limit of 20 million manats, which covers the following risks on the territory of Azerbaijan and Azerbaijan interest abroad, former USSR-countries:


- Property and Extended Perils, as original, including Compulsory

- Property Insurance

- Engineering (CAR/EAR/CPM business only)

- Electronic Equipment and Machinery Breakdown

- Cargo

- General Third Party Liability (including Product Liability) and Liability aspects following CAR/EAR business

- Employers Liability

- Motor Third Party Liability


Exchange rate: 1 AZN = 1.27 USD as of 01.04.2014


28 february 2014

Professional indemnity quota share reinsurance agreement

On 28.02.2014 "AzRe Reinsurance" OJSC signed the professional indemnity quota share reinsurance agreement with the leading international reinsurance and insurance organization “Everest Re Group”, Ltd. (RE) for the limit of 2.000.000 AZN, which covers Azerbaijan and Azerbaijan interest abroad, excluding USA and Canada.

Exchange rate: 1 AZN = 1,27 USD as of 28.02.2014


14 november 2012

New Chairman of the Management Board of OJSC “AzRe Reinsurance” was appointed

Fuad Kuliyev was appointed as Chairman of the Management Board of OJSC “AzRe Reinsurance”.

Fuad Kuliyev graduated with honors from Azerbaijan Medical University, has a Certificate of Chartered Insurance Institute. In the insurance business since the 2002 year. Prior to 2011 year he worked on the position of the Deputy Chairman of the Board of “Standard Insurance”, Azerbaijan. Has working experience in Russian insurance market: IIG “Osnova” LLC (Deputy General Director), “AFM Insurance brokers” LLC (Executive Director).

“AzRe Reinsurance” OJSC is the first and the only reinsurer on Azerbaijan market. The company was founded in 2007, authorized capital is AZN 40,0 mln. “AzRe Reinsurance” cooperates with the leading insurance companies in Europe and CIS.


14 november 2012

AzRe Reinsurance received the permanent license

On November 7, 2012 by the Ministry of Finance of Azerbaijan Republic was granted the permanent license to carry out reinsurance activities for “AzRe Reinsurance” OJSC.


19 july 2012

Training organized by "AzRe Reinsurance" OJSC, 6-8 August 2012 - Baku Jumeirah Beach Hotel

AzRe Reinsurance is organizing training "Practical reinsurance course" for the insurance specialists.

Moderator of the program is Mr. Peter Cave. He has over 40 years experience working in the international reinsurance market. He is the Senior Partner of the Confidence Partnership, a Senior Lecturer for the Chartered Insurance Institute. Peter Cave is a regular lecturer for the Chartered Insurance Institute (CII).

Main themes of the course: the impact of supply and demand on all RI decisions, reinsurance cycle, proportional treaty, facultative concepts, non-proportional specifics, pricing of X/L.

This three-day course has high practical value for managers and specialists of insurance companies and the main aims are to improve skills and increase knowledge in reinsurance in accordance with international standards. Certificates will be issued to the delegates who have attended this course.

Venue of the event is Jumeirah Beach Hotel.


25 june 2012

AIIF-2012

In July 4-5, 2012 in Baku will be held AIIF - 2012 Azerbaijan International Insurance Forum "New Perspectives in the Caucasus Region"- it's a unique opportunity to exchange experience and set up business meetings in order to develop partnership relations in the area of insurance within the region.

"AzRe Reinsurance" OJSC is the main sponsor of the event.

Top managers of national insurance, reinsurance and broker companies from Caucasian Region, Middle Asia, Europe, Turkey, Russia and CIS will attend the Forum, thus making it an excellent networking opportunity within these selected areas.


20 june 2012

SCOR trainings

According to the new IDP program "AzRe Reinsurance" OJSC develops the employees' qualifications.

In June, 2012 leading specialists of "AzRe Reinsurance" participated in the trainings, organized by SCOR, which took place in Paris.

These trainings covered the following topics: Engineering: Scope of cover, Risk assessment, Pricing and Property Cat: Key strategic issues and trends ahead.


05 may 2012

Non-proportional treaty contract with a limit of 10 million manats

In order to develop the insurance and reinsurance market in Azerbaijan, on 01.04.2012 "AzRe Reinsurance" OJSC signed the non-proportional treaty contract with a limit of 10 million manats, which covers the following risks on the territory of the CIS countries (including Ukraine and Turkmenistan), Georgia, Latvia, Lithuania, Estonia:

  • Property and Extended Perils, as original, including Compulsory Property Insurance
  • Engineering (CAR/EAR/CPM business only)
  • Electronic Equipment and Machinery Breakdown
  • Cargo
  • General Third Party Liability (including Product Liability) and Liability aspects following CAR/EAR business
  • Employers Liability
  • Motor Third Party Liability

The leading reinsurer is Hannover Re (share 50%). Other participants: SCOR (share 20%) and Polish Re (share 30%).

Exchange rate: 1 AZN = 1.27 USD as of 01.04.2012


30 apr 2012

Share capital

Share capital In March 2012 «AzRe Reinsurance» OJSC increased share capital by 14,30%, namely from 35 million to 40 million manat.


Head office of the company situates at 6, Bakikhanov str., Bridge Plaza, 8th floor, Baku, Azerbaijan AZ 1065.
Email: office@azre.az
Phone: (994 12) 404 50 51/53
Fax: (994 12) 404 50 53