Pasha Sigorta Entered Obligatory Contract with Leading Rating Reinsurers

The insurance company Pasha Sigorta entered into an obligatory contract with leading reinsurers.

As stated in the Company (http://www.pasha-insurance.az/cgi-bin/read.pl?id=636), in order to create a balanced portfolio of insurance, financial sustainability and profitability of insurance operations, as well as efficiency at the clients request, in early May, came into force on the first obligatory contract for reinsurance of property (construction and associated) risks with such large A rating reinsurance companies like Munich RE, SCOR, Polish RE, as well as a local reinsurance company AzRe. The leader of the underwriter of the contract stands Munich Re.

Add that Munich Re was first made his obligatory contract on general insurance (non-life insurance) in Azerbaijan. It should also be noted that Munich Re has a leading position in terms of annual reinsurance premium http://www.munichre.com/en/group/key_figures/default.aspx.

"This agreement provides a more reliable reinsurance protection, as well as giving" Pasha Sigorta "ability to respond quickly to customer demands," said a member of the Board and Chief Technical Officer SK "Pasha Sigorta" Tural Aliyev.

Pasha Sigorta, a member of the group Pasha Holding, received a license to operate in July 2006. The authorized capital of the company is equal to 35.5 million manat, assets - 76 million manat. JSC provides 30 types of insurance. Company on the basis of 2012 became a leader in Azerbaijan on the volume of premiums collected and payments made.

In Q1 of 2013, Pasha Sigorta premiums amounted to 24 million 455.663 million manat, and the payments were 5 ml 804.635 thsd manats. - 17D-