AzRe Reinsurance

What AzRe Reinsurance does

AzRe Reinsurance OJSC is a privately held specialist reinsurer headquartered in Baku, Azerbaijan, and the only company licensed to write reinsurance in the country under License No 000800 issued by the Ministry of Finance. The company offers both treaty reinsurance (proportional and excess of loss across Property, Motor, Agriculture, Aviation, Energy, and Specialty lines) and facultative reinsurance for individual high-value risks, with stated per-risk treaty capacity of USD 2M XL and USD 1M pro-rata worldwide and facultative capacity of AZN 40M for Property, Engineering, and Cargo lines. It distributes through direct cessions to regional primary insurers, broker networks including Turker at Lloyd's, and a growing network of Managing General Agent partnerships targeting specialty lines such as cyber, D&O, terrorism, and renewable energy.

The company's go-to-market is anchored on its exclusive Azerbaijani license and a diversified international facultative and treaty book spanning more than 50 countries across Central and Eastern Europe, CIS, Middle East, Africa, Latin America, China, and Korea. Underwriting is performed manually by a team of fewer than 50 professionals, with no public API or disclosed AI tooling. Pricing is quote-based and negotiated per contract depending on risk profile, coverage scope, and treaty terms, and is not publicly disclosed. The group also owns Qala Həyat (Gala Life) Insurance Company, one of Azerbaijan's larger life insurers, providing reciprocal reinsurance flow and life/non-life diversification within the domestic market.

AzRe is rated B++ (Good) for financial strength and BBB (Good) for long-term issuer credit by AM Best, with both ratings reaffirmed and upgraded respectively in November 2025 with a stable outlook. The company reports under IFRS but does not publicly disclose revenue figures, and there are no recorded funding rounds, M&A activity, or institutional investor ownership in the available data. Governance is led by CEO Vusal Abbasov, who was promoted from Deputy Chairman in January 2019, with a Management Board that was expanded in February 2023 to include international hires supporting the foreign market franchise.

Name

AzRe Reinsurance

Legal name

AzRe Reinsurance OJSC

Website

https://azre.az

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

AzRe Reinsurance OJSC is the only licensed reinsurer in Azerbaijan, offering treaty and facultative reinsurance across property, energy, marine, aviation, cyber, and specialty lines to primary insurers in Azerbaijan and 50+ international markets, and operating the Gala Life subsidiary.

Ownership category

akta.pro rank

Product category

Reinsurance

NAICS

Reinsurance Carriers (52413), Reinsurance Carriers (524130), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Life Insurance (6311), Accident & Health Insurance (6321), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

General Liability Reinsurance (FSAOABAD)

akta.pro secondary industries

Financial Lines Treaty Reinsurance (e.g., D&O, E&O, professional liability) (FSAOAEAG), Professional Liability (E&O) Reinsurance (FSAOADAH)

Keywords

• Reinsurance services
• Treaty reinsurance
• Facultative reinsurance
• Risk transfer
• Underwriting capacity

Headquarters

HQ city

Baku

HQ country

Azerbaijan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Distribution channels3 records

Marketing channels4 records

Core offering

AzRe Reinsurance OJSC is the only dedicated reinsurance company in Azerbaijan, providing treaty and facultative reinsurance capacity to primary insurance companies globally. The company offers proportional and excess of loss treaty arrangements across property, motor, agriculture, and specialty lines, alongside customised facultative risk transfer solutions for individual high-value risks. It distributes its capacity through direct cessions, broker networks (including Lloyd's market), and partnerships with Managing General Agents (MGAs).

Product overview

AzRe Reinsurance is a specialized reinsurance company headquartered in Azerbaijan, operating as the only dedicated reinsurer in the country. The company offers a unified portfolio of reinsurance products organized around three core pillars: Treaty Reinsurance (providing quota share and excess of loss arrangements for Property, Motor, Agriculture, and Specialty lines), Facultative Reinsurance (offering customized risk transfer for individual high-value risks), and MGA Partnerships (strategic collaborations with Managing General Agents). The company also maintains an underwriting capacity structure across Property, Engineering, Cargo, and Liability lines, with treaty capacity of USD 2 million XL and USD 1 million pro-rata worldwide. AzRe operates under license from the Central Bank of Azerbaijan Republic and is rated B++ (Good) by AM Best.

Differentiator

Problem solved

Functional benefit

Products and services

• Treaty Reinsurance Comprehensive risk management solutions offering customizable treaty arrangements on proportional and excess of loss basis across Property, Motor, Agriculture, and Specialty lines. Designed to help primary insurers stabilise financial performance and enhance underwriting capacity for larger risks.
• Facultative Reinsurance Provides customised risk transfer solutions for specific, individual risks requiring deep underwriting expertise. Offers enhanced risk acceptance capacity for unique and high-value risks aligned with clients' strategic goals.
• International Treaty Reinsurance Treaty reinsurance covering property, motor, agriculture, aviation, energy, and specialty lines with XL capacity of USD 2,000,000 and pro-rata capacity of USD 1,000,000 worldwide.
• Facultative Underwriting Capacity Provides underwriting capacity across multiple lines including Property (AZN 40,000,000), Engineering (AZN 40,000,000), Cargo (AZN 40,000,000), and Liability (AZN 17,000,000) for Azerbaijan, Central Asia, Georgia, and worldwide.
• Managing General Agents (MGA) Partnerships Strategic partnerships with Managing General Agents that underwrite specialty lines (property, aviation, energy, cyber, alternative risk transfer) on behalf of AzRe, expanding global market presence and accessing specialised underwriting expertise.

Segments9 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Turker (Broker at Lloyd's)coreChannel Partner/ Reseller/ DistributorStrategic partnership with Turker, a broker operating at Lloyd's market. Tural Gasimov, Deputy CEO, previously served as Regional Director at Turker (Broker at Lloyd's) and was a member of the management team at Turker Capital Solutions, facilitating strong business relationships.
• Managing General Agents (MGAs)coreChannel Partner/ Reseller/ DistributorAzRe strategically partners with MGAs to enhance global presence and access specialized underwriting capabilities. The company seeks underwriters with deep market knowledge, proven track records, and commitment to innovation in specialty lines including property, aviation, energy, cyber, and alternative risk transfer.
• Qala Həyat Insurance Company (Gala Life)coreStrategic or Co-development PartnerAzRe's subsidiary, Qala Həyat (Gala Life), is one of the largest life insurance companies in Azerbaijan, offering long-term and short-term life insurance and mandatory personal accident coverage. This subsidiary relationship provides diversification across life and non-life insurance lines.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Korean Reinsurance Company: Korean Re is a mid-size regional reinsurer combining a protected home market with diversified international treaty and facultative business across P&C, marine, aviation and specialty lines, structurally similar to AzRe's domestic-monopoly-plus-international-growth model.
• Saudi Reinsurance Company (Saudi Re): Saudi Re is a regional MENA reinsurer offering treaty, facultative and retrocession across P&C and specialty lines with a strong home-market franchise and growing international presence, mirroring AzRe's regional anchor and diversification strategy.
• CCR Re (Caisse Centrale de Réassurance): CCR Re is a state-backed multi-line reinsurer combining a dominant domestic franchise with international treaty activity, a close structural analogue to AzRe's regulated-monopoly status and product mix.
• African Reinsurance Corporation (Africa Re): Africa Re is a multi-jurisdictional regional reinsurer offering treaty and facultative coverage across the African continent with growing international reach, closely matching AzRe's positioning as a regionally anchored, internationally expanding reinsurer with similar product breadth.
• Trust International Insurance and Reinsurance Company: Trust Re is a Bahrain-based regional reinsurer offering treaty, facultative and retrocession across MENA, Asia and Africa, with a comparable mid-size footprint, line-of-business mix, and emerging-markets orientation.
• Asian Reinsurance Corporation: Asian Re is a regional reinsurance pool providing proportional and non-proportional treaty capacity across the Asia-Pacific region, comparable in scale, geographic scope, and product breadth to AzRe.
• Central Reinsurance Company (Central Re, Russia): Central Re is a CIS-headquartered multi-line reinsurer serving Russian and CIS primary insurers with treaty and facultative products, a direct regional peer to AzRe across overlapping geography, customers, and lines of business.

Broad incumbents

• Munich Re: Munich Re is one of the world's largest multi-line reinsurers, dominating the global treaty and specialty markets in which AzRe competes; it sets the rating, capacity, and pricing benchmark against which AzRe must position itself internationally.
• Swiss Re: Swiss Re is a global broad-line reinsurer (and L&H carrier) that competes for the same international treaty and facultative business AzRe targets, and is a key reference point for AM Best rating categories and capacity benchmarks.
• Hannover Re: Hannover Re is a global multi-line reinsurer with strong specialty and treaty franchises; it competes for the same cross-border facultative and specialty risks (energy, aviation, marine) that AzRe underwrites.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/az-re-reinsurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AzRe Reinsurance