OREANDA-NEWS. September 20, 2011. Shareholders of Eurasia Insurance Company have paid KZT212 million for shares of the Company; as a result, the Company’s Paid-Up capital to KZT37.38 billion, and makes up more than 43.7% of the total authorized capital of all insurance companies in Kazakhstan - the Company’s press service reported, reported the press-centre of Eurasia.

At present, Eurasia Insurance Company’s authorized share capital greatly exceeds statutory requirements. An increase in share capital contributes to the stability and reliability of business Eurasia, its customers and partners, and demonstrates that the Company intends to reach a new, more ambitious phase of development.

However, as noted in the press service of Eurasia, the Company's plans include further contributions to the development of the domestic insurance sector and strengthening its position in the international reinsurance market.

On February 05, 2010, Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Markets and Financial Organization registered the issue of 40 million authorized shares of Eurasia Insurance Company for a total of KZT40 billion. It is of interest that the total amount of authorized capital of insurance companies in Kazakhstan at that time amounted to KZT40 billion.

The program to increase the Company’s Authorized Capital is being implemented in phases. On February 10, 2010, Eurasia shareholders paid KZT26.6 billion for shares of the Company; and on May 12, of the same year, they paid an additional KZT4.52 billion. In May 2011 Shareholders paid an additional KZT6.05 billion again.