Arex Sigorta Issues Clarification on Suspension
Arex Sigorta has released a further statement addressing the suspension of its operations, emphasizing that accusations of mismanagement are unfounded. They assert: “What exactly constitutes this ‘mismanagement’? Is it a poor balance sheet? Certainly not. Our financial numbers are transparent, and our profitability is evident. Do we lack sufficient capital? Absolutely not. Since our inception, we’ve reinvested all earnings back into the company, consistently boosting our capital.”
In light of the decision by the Insurance and Private Pension Regulatory and Supervisory Authority (SEDDK), Arex Sigorta has voiced concerns over the perceived injustice. Their statement highlighted: “On 10.04.2025, the decision to revoke our license for the surety branch and halt the authority to finalize new insurance contracts in all other branches was made. This resolution was passed during the SEDDK Board meeting on the morning of 10.04.2025, despite our comprehensive 600-page defense, submitted at 16:46 the previous day. Legal action will be promptly initiated against this decision, which was concluded without our defenses being considered and seems like an extrajudicial execution. This outcome may understandably cause concerns for our company, stakeholders, and policyholders within the sector. Our company, consistently profitable since its founding, enhancing its equity, ranking among the top 10 in capital adequacy, and expanding the insurance market with innovative products, will safeguard all stakeholders’ interests, particularly our policyholders, during this period.”
Countering the Mismanagement Accusations
Arex Sigorta’s second statement refutes the mismanagement allegations, highlighting the absence of concrete criteria for such claims: “We face accusations of ‘mismanagement’ that are unexpected and, in our view, completely unfounded. We ask: What is this ‘mismanagement’? Is it a deficit in our financial statements? No, it’s not. Our profitability and stability are clear. Do we lack capital adequacy? No, we do not. We’ve continually reinvested in our growth. Have we defaulted on payments or neglected our duties to policyholders? Not once have we faltered. Customer satisfaction and service excellence remain our priorities. Is our company incurring losses or shrinking? Quite the opposite! We have consistently grown since day one. We ask you, our valued public: What kind of ‘mismanagement’ is this that isn’t reflected in balance sheets, profitability, service quality, or growth metrics? Arex Sigorta intends to fully exercise its legal rights against this unjust decision, trusting that justice will eventually prevail.”
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