OREANDA-NEWS. April 05, 2012. The Board of JSC Pasa Sigorta has completed the procedure of its equity capital increase up to AZN 35 million and informed State Insurance Supervision Service under Finance Ministry of Azerbaijan  and Director Board of the Company of results of capital rise.

The insurer has raised the equity capital through reinvestments of the company’s profit for 2011 in the capital and additional investments by the shareholders.

"Adequate capitalization of insurers is one of the most significant prerequisites of success for further integration of modern western insurance products in Azerbaijani practice and provision of the country’s insurance sector’s stability. Current increase of the company’s equity capital from AZN 30 to AZN 35 million has been made within strategic development plan of the company and in compliance with state encouragement policy of insurers’ capitalization growth. Current capitalization growth sets conditions for further strengthening of our material and technical base and raise of capacities on retention of insurance and reinsurance risks ",- Chief Financial Director of Pasa Sigorta Zaur Aliyev noted.

Pasa Sigorta , member of Pasa Sigorta group, provides 31 types of voluntary and compulsory insurance services to corporate and individual clients. With AZN 35 million equity capital and AZN 46 million assets cost the company secured its positions among top three leaders of Azerbaijan’s insurance and reinsurance market on capitalization and risk retention capacity indexes.