RNRC, Russian state reinsurer signs brokerage deal with Aon Plc subsidiary

The Russian National Reinsurance Company (RNRC) has signed a one-year agreement with a local unit of London-based insurance broker Aon Plc that will allow RNRC to reinsure risks for up to RUB 10 billion (EUR 149 million), Reuters reports.

RNRC was created by Russia's central bank in 2016 to cater to firms that have been blacklisted by Western reinsurers because of sanctions.

RNRC boss Nikolay GALUSHIN said on Tuesday that the deal with the local unit of Aon Plc did not include coverage of sanctions risks. He also told Reuters in June that insurers who were covering the risks of dozens of industrial plants in Russia had turned to RNRC for cover after additional U.S. sanctions made it difficult to get reinsured elsewhere.

Russia's relations with the West have soured since Moscow annexed the Crimean Peninsula from Ukraine in 2014. Since then, the United States and other Western countries have imposed broad-ranging sanctions against Russian companies, banks and individuals.

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