Chartis Azerbaijan Sold at Par

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-

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