Russian National Reinsurance Company was granted a license to operate in Egypt. The Company was added to the list of approved foreign reinsurers held by the Egyptian Financial Services Authority (EFSA) as it is complying with the requirements of local legislation in all aspects.
RNRC entry into the market of Egypt is one of the Company’s steps towards the implementation of its portfolio diversification strategy through business development on international markets primarily in the CIS countries, EEU, Eastern Europe, Middle East, Africa and Asia.
“The rating assigned by Fitch Ratings (ВВВ-) gave an impulse to development of the international business of our Company, says Mikhail Sepp, Vice President for Business Development of RNRC. “We started to accept risks from Kazakhstan, obtained approval from the China Insurance Regulatory Commission (CIRC) to conduct cross border reinsurance operations with counterparties in PRC. We are planning to get approvals in other countries. We are ready for cooperation both with reinsurers and reinsurance brokers in a wide range of risks.”
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).