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.