The Russian National Reinsurance Company (RNRC) and SOGAZ Group have signed on behalf of the Russian Federation the BRICSs countries' Memorandum of development and cooperation in insurance and reinsurance.

The signing ceremony took place on the occasion of the 9th BRICS Summit "BRICS: Stronger Partnership for a Brighter Future" in Shanghai, China, reads a RNRC press release. The Memorandum was signed by 2 representatives of each BRICSs member (insurance and reinsurance companies).The BRICS Summit is held annually, this year's edition being organized in Shanghai and Xiamen (China) from August 31 to September 4, 2017.

"The aim of the Memorandum is to create an active and permanent cooperation tool between the insurance markets of the BRICS countries, heading to support through insurance different business interests among BRICS countries, as well as the development of the reinsurance market within BRICS. All the parties involved from the Business Council of the BRICS strongly supported this initiative and noticed the important role played by the insurance and reinsurance of the risks in increasing the mutual investment", RNRC's President Nikolay GALUSHIN stated.

BRICS is made up of China, Brazil, Russia, India and South Africa. The first BRIC Foreign Ministers' Meeting was held in 2006 among China, Brazil, Russia and India on the margins of the general debate of the 61st session of the United Nations General Assembly, which drew the prelude for BRIC cooperation. In 2009, the first BRIC Summit was held in Yekaterinburg, Russia. Since then, the Summit has become an annual event. To date, 8 Summits have been held.

RNRC was established by the Central Bank of Russia, pursuant to the Parliament law on the mandatory cession for all Russian insurance companies. The paid -up capital of the company is RUB 21.3 billion. This year, the Russian Analytical Credit Rating Agency assigned RNRC the AAA (RU) rating with the stable outlook and FITCH assigned the rating BBB-, outlook stable.