RNRC was registered in China as a foreign reinsurer

The Russian National Reinsurance Company (RNRC) has got the Chinese market watchdog's approval to operate as a foreign reinsurer on the China's specialty market, a company's official press release said.

The decision was taken recently by the Chinese insurance supervisory authority (CIRC), that granted RNRC the right to conclude cross border reinsurance operations with partners domiciled in China. Thus, RNRC confirms that it fulfils all the CIRC's requirements in order to operate on the Chinese market and will start the collaboration with the biggest insurance and reinsurance Chinese companies.

"The development of the international business is a strategic target for us", RNRC's President Nikolay GALUSHIN stated. He added that the ratings granted to RNRC this year (both by local and international agencies) are enabling the expansion on the developing markets.

RNRC is also the first Russian reinsurer whose Internet site became available in the Chinese language, which is the key language of South-East Asia. The Chinese language is the official language of China, Taiwan and Singapore; it is spoken worldwide by over 1.3 billion people. Rnrc.ru is presented today in three languages - Russian, English, and now Chinese.

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. Recently, the Russian Analytical Credit Rating Agency assigned RNRC the AAA (RU) rating with the stable outlook and FITCH assigned the rating BBB-, outlook stable.

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