JSC Garant Sigorta owned by Anar Mammadov, the son of the Minister of Transport, announced its retirement from the insurance market in the new year.
The State Insurance Supervision Service told Turan they do not know the motives, since this structure was far from bankruptcy. According to the official figures as of November 1, its premiums amounted to 3 million 993.58 thousand AZN, with payments of 1 million 704.78 thousand AZN. The ratio of benefits to premiums was 42.5%, which, according to the classification, is considered acceptable, providing profitability.
Indirectly, the self-destruction is also proved by the fact that the website of the company, which is a part of Garant Holding, has not been working for more than a month. In addition, the management of the parent company unsuccessfully tried to sell the company's shares, but now they are trying to distribute the portfolios among the other market participants. But this is unlikely to happen, as the Minister of Transport "has fallen into disgrace" - virtually all the entities under his jurisdiction have received the status of independent public companies.
Garant Sigorta was established on 29 November 2007. --17D-
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