RUSSIA: RENAISSANCE Insurance Group cancelled its life insurance license

5 April 2018 — Marina MAGNAVAL
Bank of Russia revoked the license of RENAISSANCE Insurance Group for voluntary life insurance on April 5, 2018. The decision was taken due to the insurer's voluntary surrender of the licensed insurance activity.

The insurer submitted an appropriate request to the Central Bank on July 26, 2016, - as informed the Bank of Russia.

RENAISSANCE Insurance Group includes RENAISSANCE Life which provides life and health insurance. The company's founder is SPUTNIK Group, which in 2017 combined its assets with the Pension Fund BLAGOSOSTOYANIE and the international fund of direct investment Baring Vostok Capital Partners for creation of an insurance group in Russia. As of January 1, 2018 RENAISSANCE Life had about 4 million of effective insurance contracts with clients all over the Russia.

Based on 2017 result RENAISSANCE Insurance and RENAISSANCE Life were included into TOP-20 insurers in terms of GWP.

More details on the Russian insurance market can be found in the forthcoming issue of the specialized publication "INSURANCE Profile Russia FY2017", will be officially launched on April 10th.
The biannual bilingual publication (Russian and English) includes the FY2017 financial results of the insurance market, from GWP and mediated premiums to claims paid, but also aspects such as reinsurance statistical data, the insurance companies' GWP portfolios etc., as well as the status of the Russian reinsurance market and perspectives of reinsurance market alongside of the new partner - RNRC: statistical data and market opinions.

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