The International Insurance Company (IIC) was founded on February 5, 2002 and licensed from April 1, 2002. Only a few years after being founded, IIC has climbed to the number ones position in Azerbaijan. It operates as a universal insurance company and is now licensed in 25 different classes of insurance products and services, including property, motor, liability, life, cargo, contractors' all risks and medical insurance.

The International Insurance Company is a wholly owned subsidiary of the International Bank of Azerbaijan (www.ibar.az). The Bank is owned 51% by the state and 49% by local Azerbaijan investors. The International Bank of Azerbaijan is the largest bank in Azerbaijan and is in a process of privatization. Privatization is scheduled to be finalized in spring 2004. In total, the Bank is a global alliance of more than 30 affiliates which also operate as agent-centers of the company.

The authorized capital of International Insurance Company is USD 5 mill. The capital is fully paid-up and corresponds to 34% of all paid-up capital in the approx. 30 licensed insurance companies in Azerbaijan. By the end of year 2003 new legislation on minimum capital requirement in insurance companies will be fully implemented requiring a minimum capital equal to approx. USD 400,000.

The mission of IIC is to further expand its business and profits so as to achieve a high image and confidence in Azerbaijan insurance market. In this respect, IIC has defined strategic goals:

and services offered, develop that customer base, establish connections with targeted markets and work towards building customer loyalty and referrals.

In addition to increasing its market share, IIC has a long-standing objective of continually adding new products and services.

The company's emphasis on services to clients together with our strong capital basis and the backing of our owners, the International Bank of Azerbaijan, has already been appreciated by many individuals, official bodies, Azeri and foreign private businesses and local and international brokers. Reinsurance is bought both in Lloyd's and in Europe from well known reinsurers enabling us to increase our risk capacity to match the needs of the market.

Since early this year IIC has been internationally active. International business is divided into England, Germany, Sweden and Russian. IIC has contracted with Hannover-Re Worldwide Reinsurance Company one of the biggest reinsurers in the world. In additional, the company co-operates with Lloyd's syndicates and Korean Reinsurance Company.

The International Insurance Company is already recognized in the market for its contribution to further develop the insurance culture in Azerbaijan and to apply an individual approach to clients and their needs for insurance protection. Since its foundation the International Insurance Company has been able to acquire an attractive mix of youth and experience in both its management and staff. IIC top management is highly experienced. The Management Board consists of members: Mr. Elhan Garibli (Chairman), Mr. Anders Norskov (Deputy Chairman), Mr. Fariz Abbasov (Managing Director) and Mr. Ruslan Gassanbekov (Financial Director). The management shares 40 years collective experience from insurance in Azerbaijan and other European markets as well as North America. The staff is fluent in Azeri, Russian and English and eager to offer you the insurance services you would expect from a professional and dedicated insurer. Besides insurance experts, the company employs lawyers and economists, actuaries and financial experts, doctors and engineers. In addition, IIC personnel include advertising experts, architects and programmers.