OREANDA-NEWS. May 04, 2008. The Ministry of Finance of the Republic of Azerbaijan has completed a statutory registration of a representative office of the leading Russian insurance company ROSNO, member of the largest international financial and insurance holding Allianz SE. The representative office is located in Baku, in the International Trade Centre, where a press conference dedicated to its opening was held, reported the press-centre of ROSNO.

The journalists interviewed the head of Allianz Eurasia and CEO of ROSNO Mr. Hannes Chopra, First Deputy CEO of ROSNO Mr. Dmitriy Popov, and head of ROSNO’s Reinsurance Department Mr. Michael Mumin. Among the first steps which will enable ROSNO to create conditions favorable for business development will be establishing ties with the insurance and reinsurance market of Azerbaijan and AzerbaijanAssociation of Insurers, as well as promoting the company’s brand within the professional and business community. ROSNO’s goal is to provide the full range of reinsurance services via its representative office.

The position of a head of the representative office was taken by Mr. Emin Aslanov, who has worked in the insurance sector for over 13 years, starting from senior specialist in an insurance company and growing into CEO of an insurance and reinsurance brokerage company.

"Today, Azerbaijan is one of the most investment-attractive CIS markets luring, above all, the Western market players. And large investments always go hand in hand with insurance. The insurance market of Azerbaijan is one of the most dynamically developing CIS markets, fourth by volume after Russia, Ukraine, and Kazakhstan. In 2007, it grew by over 40%. Its rapid development is in unique combination with correct regulation system. All these factors demonstrate attractiveness of Azerbaijan for our Group", Mr. Hannes Chopra commented on the reasons for opening this representative office.

"Our purpose is to provide ROSNO clients residing or operating in Azerbaijan with the insurance services conforming to the quality standards adopted by our Group. And we hope that the efficient partnership with the Republic’s reinsurance community will enable us to do it", Mr. Dmitriy Popov noted in his speech.