Alfa Sigorta Changes Leadership Again

In Alfa Sigorta there is a new change of leadership. In the past two years, the third chairman was replaced. 

Appointment of Elshad Aliyev to the post was no surprise to the financiers. Recently, in order to restructure and revive the economic activity of TexnikaBank its leadership includes representatives of the International Bank of Azerbaijan. Aliyev until recently served as the Deputy Chairman of the International Insurance Company (IIC, a subsidiary of the IBA).

Besides Aliyev, several other people from IIC came to key positions. If the fact is not surprising, then the process is amazing. The company Alfa Sigorta meets the capitalization requirement of the Ministry of Finance, and on the establishment of branches in all economic regions of the country is among the leaders, along with Azersigorta, AXA MBASK, Ateshgah, Xalq Sigorta, Standard Insurance, Pasha Sigorta, AzSigorta, Meqa Sigorta, Ata Sigorta, Ipek Yolu Sigorta and Azerbaycan Senaye Sigorta, and is one of the 12 members of the Bureau of Compulsory Insurance (in the local market there are 28 insurance companies). However, in July this year for "violations of financial discipline," the Finance Ministry decided to take away its right to provide for the CTP.

Open Joint Stock Company Alfa Sigorta has been in effect on the local insurance market since 1997 and provides services for 25 types of insurance.

In February 2008, it was given a perpetual license.

Until 2005, the insurance company operated under the name LTD Murad.

The sole founder and major shareholder of the company is Texnikabank.

According to figures from the State Insurance Supervision Service, the premiums in January-July this year amounted to 3 million 673.95 thousand manat, and the payouts were 697.12 thousand manat.

The authorized capital is 6.75 million manat. - 17D-