FITCH Ratings has affirmed RNRC Insurer Financial Strength (IFS) rating at 'BBB-'with a Positive Outlook.
According to the report of FITCH the rating decision was made based on RNRC's strong capitalization and strong risk-adjusted capital position of the Central Bank of Russia, the sole owner of RNRC. The rating and Outlook continue to mirror Russia's Long-Term Local -Currency Issuer Default Rating (IDR) and reflect strong parental support available to RNRC and its exclusive position in the local reinsurance sector underpinned by regulation.
RNRC was founded in August 2016 pursuant to the Federal Law N363 d/d July 3, 2016 on amendment of the law "On insurance business in Russia" based on the decision of its sole shareholder - The Central Bank of Russia. The paid charter capital is RUB 21.3 billion. Reinsurance license PS N 4351 d/d 12.10.2016. ACRA rating AAA (RU), stable forecast. RNRC is the leader of the Russian inward reinsurance market with GWP of RUB 7.7 billion. RNRC's market share based on 2017 result is 22%.
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.