Corporate profile

 

“AzRe Reinsurance” OJSC is only reinsurance company in Azerbaijan, offering innovative products, responsive service and unsurpassed financial strength.

 “AzRe Reinsurance” OJSC conducts reinsurance business according to License No 000800 issued by the Ministry of Finance of Azerbaijan Republic.

•  October 2007 - AzRe was registered by Ministry of Justice of Azerbaijan Republic.


•   November 2007 - AzRe received their license for providing reinsurance services from Ministry of Finance of Azerbaijan Republic.


•  May 2008 - “Qala Life" Insurance Company was founded by AzRe.


•  November 2012 - the Ministry of Finance of Azerbaijan Republic granted a permanent license to carry out reinsurance activities to "AzRe Reinsurance" OJSC.


•  October 2014 - A.M. Best assigned the financial strength rating of B+ (Good) and an issuer credit rating of "bbb-" to AzRe Reinsurance. The outlook assigned to both ratings is stable, and have been renewed successively up to the present time.

•  December 2014 - AzRe acquired the shares of “Azer Turk Bank” OJSC.

•  September 2015 - AzRe acquired 100 % of shares of Chartis Azerbaijan Insurance Company and the company was renamed to “Qala Insurance” Open Joint Stock Company.

•  September 2016 - AzRe increased the share capital to 50 million manat.

•  December 2018 - financial strength rating of  B+ (Good) and an issuer credit rating of "bbb-" of AzRe Reinsurance have been renewed by A.M.Best.



AzRe has two additional pillars for the reinsurance strategy in the form of Qala Life and Qala Insurance.

AzRe Reinsurance is the only company in Azerbaijan specializing strictly in reinsurance, and are privately owned, without benefit of any compulsory cession. We are able to reinsure all classes of insurance business from simple property insurance to complex industrial risks whether facultatively or by treaty reinsurance. We aim to help the local insurance industry to provide protection for a wide range of risks, including the largest and most complex risks.

We work closely with our client insurance companies and insurance brokers to understand their strategic and operational issues, with this knowledge, we develop risk transfer solutions tailored to their specific coverage needs.

Also, our team is proud to offer a fast, professional and totally efficient claims handling service that meets the needs of all our client insurance companies.  

Vision


In the long term, we see “AzRe Reinsurance” OJSC as the class A reinsurer as well as expanding into global markets in the risks:

  • AzRe is a famous Azerbaijani brand that has a high rating in the regional reinsurance market of Europe, the Middle East and Central Asia

  • Being the leading partner for its clients, it is the leader in the reinsurance market of Azerbaijan

  • It is a sustainable and profitable business entity that provides an exceptional level of service to its customers and brings profit to its shareholders


Mission

Four main beneficiaries of "AzRe Reinsurance" OJSC:

  • FOR CUSTOMERS - To be a fast and optimal solution maker in reinsurance for our local and foreign customers

  • FOR THE MARKET - To improve the reinsurance market in Azerbaijan, to use the highest international standards and best practices

  • FOR EMPLOYEES – To create a professional and positive work environment

  • FOR SHAREHOLDERS - To increase the company’s valuation