Fitch Ratings has assigned RNRC an Insurer Financial Strength (IFS) rating of 'BBB-'. The Outlook is Stable.
"The rating's acquirement is linked not only to the fulfilling of the regulatory requirements but also to achieving our strategically targets on the international market. For the begging we plan to develop business with the markets from Eurasian Economic Union/CIS countries, BRICS, Eastern Europe, Latin America, North Africa, Middle East and Asia-Pacific region" RNRC's President, Nikolay GALUSHIN said.
The company's strategy proposes to obtain a share of 20% of the international business in its portfolio by 2021.
RNRC was established by the Central Bank of Russia, pursuant to the Parliament law on the mandatory cession for all Russian insurance companies. 10% of every Russian risk transferred to reinsurance should be offered to RNRC. As for the shares in the risks of the companies that are under the international sanctions regime, RNRC must take them for reinsurance in the amount of 10%. RNRC is allowed to undertake all other risks according to its own underwriting policy. Paid-up capital of the company is RUB 21.3 billion. Recently, the Russian Analytical Credit Rating Agency assigned RNRC the AAA (RU) rating with the stable outlook.