A.M. Best, the world’s oldest and most authoritative insurance rating and information source, has affirmed the Financial Strength Rating of B+ and the Long-Term Issuer Credit Rating of “bbb-” of AzRe Reinsurance OJSC, the sole domestic reinsurer in Azerbaijan.
The outlook of these Credit Ratings (ratings) remains stable, according to the service’s message.
“The ratings reflect AzRe’s excellent risk-adjusted capitalization, strong operating performance and solid domestic business profile as the leading reinsurer in Azerbaijan”, the service said.
“AzRe has achieved consistently strong underwriting and investment results, reflected in a five-year average return on capital and surplus of 22.6%”, reads the message.
AzRe Reinsurance began operating in 2007. The company’s total capital is 69.51 million manats. (Trend/Business World Magazine)