The upgrade follows Fitch's upgrade of Russia's Long Term Local-Currency Issuer Default Rating (IDR) to 'BBB' from 'BBB-' on 09 August 2019 (see 'Fitch Upgrades Russia to 'BBB'; Outlook Stable' at www.fitchratings.com). RNRC's rating and Outlook continue to mirror Russia's rating and reflect the strong parental support available to RNRC and its exclusive position in the local reinsurance sector underpinned by regulation.
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 (Stable outlook). In 2017, RNRC posted RUR 7.6 billion in premiums.