Fitch Ratings, an international credit rating agency, has decided to improve the rating outlook for Russian National Reinsurance Company from stable to positive and affirmed its BBB- Insurer Financial Strength (IFS) rating.
“Made on the eve of a new reinsurance contract renewal season, the decision of Fitch was very timely for RNRC, as we are facing a debut at the upcoming traditional autumn meetings of reinsurers”, says Nikolay Galushin, President of RNRC. “According to our development strategy, international business in our portfolio should reach RUB 500 million as early as the next year, and by 2021 it is expected to account for 20% of our portfolio or RUB 5 billion.”
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- (positive).