AIG sells Azerbaijani subsidiary

Posted On: Oct. 15, 2015 12:00 AM CST

American International Group Inc. on Sept. 30 sold its subsidiary OJSC Chartis Azerbaijan Insurance Co. to Azerbaijani reinsurer OJSC Azre Tekrarsigorta, reported Trend News Agency.

"There are no changes in the company's management," said the AIG subsidiary, adding that "currently, we are preparing to rename it." The Azerbaijani market is quite small and it is not beneficial for AIG to have a subsidiary in the country, AIG said.