The Russian National Reinsurance Company (RNRC) has got the Chinese market watchdog's approval to operate as a foreign reinsurer on the China's specialty market.
The decision was taken recently by the Chinese insurance supervisory authority (CIRC), that granted RNRC the right to conclude cross border reinsurance operations with partners domiciled in China. Thus, RNRC confirms that it fulfils all the CIRC's requirements in order to operate on the Chinese market and will start the collaboration with the biggest insurance and reinsurance Chinese companies.
"The development of the international business is a strategic target for us", RNRC's President Nikolay GALUSHIN stated. He added that the ratings granted to RNRC this year (both by local and international agencies) are enabling the expansion on the developing markets.
Russian National Reinsurance Company Joint-Stock Company was incorporated by virtue of Federal Law no.363-FZ “On amendment of the RF Law “On Insurance Business in the Russian Federation”, by Resolution of the Board of Directors of its sole shareholder, the Central Bank of Russia, which owns 100% of Company shares. Paid-up capital of the Company is 21.3 billion roubles. Reinsurance license ПС no. 4351 dd. 12.10.2016. ACRA Rating is AAA (RU), stable outlook. Fitch rating is BBB- (stable).