Soglasie to provide reinsurance capacity in Azerbaijan

Soglasie, a large Russian insurer, has announced its intention to provide reinsurance capacity to cedants in Azerbaijan.

Elnur Suleymanov, general director at Soglasie, said that the company will mainly be looking toreinsure large risks.

"As far as I know, the local companies are able to retain reinsurance risks for no more than $10 million - $20 million, and that is why we, as a company with serious capital, will accept risks on reinsurance of such types as construction and installation works, maritime navigation, air vehicles,” he said.

Soglasie will also be offering an exclusive product that provides insurance for commercial loans, as well as co-operating for more than a year with only Azerbaijani reinsurer AzRe.

Soglasie passed the state registration in tax bodies of Azerbaijan on 19 June 2012, and this year the company’s reinsurance capacity has been increased up to 3.825 billion rubles.