The reinsurance company AzRe Tekrarsigorta announced the price of the acquisition of 100% of the shares of the insurance company Chartis Azerbaijan. As local reporters were told by the Deputy Chairman Vusal Abbasov today, about $6.5 million was paid for the only foreign insurer.
According to him, preparations began for the new strategy of the company, including the rebranding. The representative of the sole reinsurance company assured that they have no plans to invest in the purchase of assets of other loss-making insurers.
Recall, Chartis Azerbaijan was a subsidiary of the corporation American International Group Inc. from January 1999 to October 2010. Then it was then bought by the British company Chartis. Its registered capital is 6 million 786.5 thousand manats.
AzRe with a registered capital of 40 million manats also owns the life insurance company Qala Heyat. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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