RUSSIA: Nikolay GALUSHIN leaves Presidency of RNRC July 1

6 June 2019 — Marina MAGNAVAL
The Russian National Reinsurance Company (RNRC) announced that Nikolay GALUSHIN, its President and Chairman will leave the position on July 1, 2019, "following the successful implementation of the launch and development of national reinsurer's activities, through the company's strategy".

He remains a member of the company's supervisory board, ASN reported. According to GALUSHIN, "everything is functioning with the RNRC. The company was successfully established, the business is running, everything is working well. I need to move forward and take on a more responsible and challenging task", he said.

The RNRC was created based on a separate law, adopted July 3, 2016 and effective from January 1, 2017. The Bank of Russia is the sole shareholder. According to 2018 results, the RNRC's share in reinsurance premiums, ceded by insurers in reinsurance, amounted to 10.5%, thus reaching the volume of mandatory cession of 10%, introduced by the law on January 1, 2017.

"The Bank of Russia, as the regulator and sole shareholder of RNRC, highly appreciates Nikolay GALUSHIN's professionalism and is satisfied with the company's operation under his leadership. We are grateful to Nikolay and his team for completion of the highly important task of creating a national reinsurer, and we also thank him for his decision to continue working on the development of the domestic reinsurance market as a member of the supervisory board", Chairman of the company's supervisory board and First Deputy Chairman of the Bank of Russia, Sergey SHVETSOV, said.

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