OREANDA-NEWS. October 28, 2011. One of Azerbaijan’s leading financial-industrial groups AtaHolding keeps on work on creation of its own life insurance company.

Board Chairman of AtaHolding Farid Asadov has reported that they already submitted corrected documents to Finance Ministry for registration of life insurance company- OJSC Ata Heyat Sigorta.

" If earlier we were planning to announce its capital for AZN 5 million now it will be raised up to AZN 7-8 million ",- F. Asadov said.

As early as 10 June 2011 in the course of the Slovenian-Azerbaijani Business Forum held in Slovenian capital Ljubljana with participation of Azerbaijani President Ilham Aliyev and President of Slovenia Danilo Turk, AtaHolding OJSC and JSC Reinsurance Company Sava Re Ltd (one of the largest reinsurance companies of Slovenia) signed a memorandum "On the creation & support of activities of Ata Heyat Sigorta”.

AtaHolding became the first company that started cooperation with a foreign investor in life insurance. The authorized capital of the Holding operating since 2003 and investing in the areas of finance, industry, information technology and tourism, is 83.9 million manat.

Among the Holding’s companies operating in the financial sector are Ata Bank, JSC Ata Sigorta, of Ata Leasing, VTB Bank, Azerbaijan, in industrial sector - Ata Senaye, in tourism sector - Ata Tourism LLC and Excelsior Hotel, and in the field of information technologies - Ata Texnologiya LLC.

"Sava Re LTD", along with the fact of being one of the leading reinsurance companies of Slovenia, is the founder of the largest group of companies Sava Re Group, which consists of 15 insurance companies, some of which specialize in life insurance.

Sava Re LTD was established on 28 December 1990. The founders are representatives of various financial structures: funds, banks, insurance and investment companies, various legal entities and individuals. The largest shareholder with a 25% stake is Slovenian Restorative Foundation. The company’s shares are freely traded on the stock market. The authorized capital is 39.1 million euro. Sava Re LTD has rated A-Standard and Poor’s.