Russian state reinsurer (RNRC) has received registration to operate on the Egyptian market

The Russian National Reinsurance Company (RNRC) has received the Egyptian market watchdog's approval to operate as a foreign reinsurer on the local specialty market, thus being included in the local official register of the foreign reinsurers.

Entering the Egyptian market is part of the steps taken by RNRC to conclude its strategic objective of portfolio' diversification, by attracting the international business, starting with the markets of Eurasian Economic Union/CIS countries, BRICS, Eastern Europe, Latin America, North Africa, Middle East and Asia-Pacific region, reads the company's press release.

"The international rating from FITCH (BBB-) which we have received this year allowed us to foster the development of the international business", stated Michael SEPP, Vice President of the RNRC. "We started to accept risks from the Kazakh market, got the Chinese market watchdog's approval to operate as a foreign reinsurer on the China's specialty market and are waiting for approval of registration as well from other countries. We want to strengthen once again our opening in collaboration with insurers and reinsurance brokers for a wide range of risks", added Michael SEPP.

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.

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

Share |

Related articles

RUSSIA: Motor Hull GWP increased by 3.8% y-o-y in 2018

Motor Hull GWP increased by 3.8% (from RUB 162.5 billion to RUB 168.7 billion) in 2018, while paid claims remained at almost the same level (RUB 83.2 billion vs RUB 83.3 billion a year ago), as regulator's data show.

2019-03-14

ON THE MOVE

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.

27.02.2019

See all