Russian National Reinsurance Company (RNRC) has been granted a certificate of registration by India’s insurance regulator, IRDAI, to carry on business as a foreign reinsurer in the Indian insurance market.
“This is a very timely development for RNRC”, says the company’s president, Nikolai Galushin. “The majority of obligatory programs renewals and large facultative placements in the Indian market take place on April 1, which is when the financial year begins in India. With this registration, we will be able to accept reinsurance of risks insured by Indian insurers and brokers, and implement our plans for development in the international market.”
According to RNRC’s Development Strategy for 2017 – 2021, premiums from the international business are expected to reach RUR 500 million in 2018 and RUR 5 billion by 2021.
Russian National Reinsurance Company Joint-Stock Company was established pursuant to Federal Law No. 363-FZ dated July 3, 2016 “On Amending the Law of the Russian Federation ‘On Organization of Insurance Business in the Russian Federation’" by decision of the Board of Directors of its sole founding member, the Central Bank of Russia, who owns 100 percent of the company stock. The Company’s paid-up authorized capital is RUR 21.3 billion. Reinsurance License PS No. 4351 dated October 12, 2016. ACRA rating: ААА (RU), Stable outlook. Fitch rating: BBB- (positive). In 2017, RNRC posted RUR 7.6 billion in premiums.