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.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

RUSSIA: SOGAZ and VTB merge completed

SOGAZ and VTB group completed 100% of the transfer of VTB Insurance. The merge involves all the companies of VTB group, including VTB Life insurance and VTB health insurance. All necessary approvals from regulatory authorities were received, according to SOGAZ.

2018-11-01

RUSSIA: national rating of SiV Life confirmed at ruAA

Expert RA confirmed the rating of SiV Life at ruAA with a stable forecast. As the key positive rating factor the agency pointed to the high financial potential of the company's owner, Talanx AG, one of the leaders in the European insurance market with high international ratings.

2018-11-01

ON THE MOVE

MARSH the formation of MARSH-JLT Specialty and its leadership

The global insurance broker MARSH announced the formation of MARSH-JLT Specialty - the new specialty business that combines the specialty teams of MARSH and JARDINE LLOYD THOMPSON Group (JLT) and will be headed by Dominic BURKE, currently CEO of JLT Group.

21.11.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all