RNRC was registered in China as a foreign reinsurer

The Russian National Reinsurance Company (RNRC) has got the Chinese market watchdog's approval to operate as a foreign reinsurer on the China's specialty market, a company's official press release said.

The decision was taken recently by the Chinese insurance supervisory authority (CIRC), that granted RNRC the right to conclude cross border reinsurance operations with partners domiciled in China. Thus, RNRC confirms that it fulfils all the CIRC's requirements in order to operate on the Chinese market and will start the collaboration with the biggest insurance and reinsurance Chinese companies.

"The development of the international business is a strategic target for us", RNRC's President Nikolay GALUSHIN stated. He added that the ratings granted to RNRC this year (both by local and international agencies) are enabling the expansion on the developing markets.

RNRC is also the first Russian reinsurer whose Internet site became available in the Chinese language, which is the key language of South-East Asia. The Chinese language is the official language of China, Taiwan and Singapore; it is spoken worldwide by over 1.3 billion people. Rnrc.ru is presented today in three languages - Russian, English, and now Chinese.

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. Recently, the Russian Analytical Credit Rating Agency assigned RNRC the AAA (RU) rating with the stable outlook and FITCH assigned the rating BBB-, outlook stable.

Related articles

RNRC: GWP increase of 27% in Q3 as compared with Q2/2017

The GWP by the Russian National Reinsurance Company (RNRC) increased to RUB 5.3 billion in the first nine months of 2017. In Q3/2017 written premiums increased by 27% to RUB 2.2 billion, compared to Q2/2017, the company's report reads.

2017-11-16

Russia: The new Board of Directors of ROSGOSSTRAKH to include well-known specialists in the market

The Board of Directors of ROSGOSSTRAKH may include the President of the National State Reinsurance Company, Nikolai GALUSHIN; the President-Chairman of the Board of one of the largest retail bank VTB 24, Mikhail ZADORNOV and Maxim CHERNIN, Chairman of the All-Russian Insurance Association for the Development of Life and Accident Insurance, according to korins.ru, based on the official sources of the insurance company.

2017-11-09

ON THE MOVE

TOP EVENT

photodune-3834701-laughing-girl-xs

"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.

14.11.2017

photodune-3834701-laughing-girl-xs

Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.

09.11.2017

photodune-3834701-laughing-girl-xs

The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!

26.10.2017

Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".

25.10.2017

Baden Baden Headlines 2: cyber insurance market set to grow under regulatory presure; nat cat events more frequent, but losses per event are decreasing

Asian insurance market, especially the Indian market - are considered to be "the new El-Dorado" of the global re/insurance market, with rapidly expanding markets and an dynamic environment: "Indian P&C re/insurance markets are expected to grow at a pace of 15% per annum", according  to Victor PEIGNET, CEO, Global P&C, SCOR SE. The French -based reinsurer setted-up its Indian branch in 2016, after the authorisation from the local market authority - IRDAI. India's re/insurance market has become more attractive for global companies following the relaxation of regulatory requirements, and lately, "big names" in the industry entered the market by opening branches: GEN Re, SCOR, Lloyd's of London, MUNICH Re, SWISS Re, Reinsurance Group of America (RGA), HANNOVER Re, XL Catlin and others.

24.10.2017

BB Headlines: Rates are settled to increase following Q3 events

The main effect after the Q3 nat cat bill of over USD 100 billion: Global reinsures said - the "discounts and reductions in tariffs era" especially in European reinsurance market for the January 2018 renewals, will come to end. At the same time, some reinsurers might disappear and there are likely to be more mergers, acquisitions and run-offs processes.

23.10.2017

photodune-3834701-laughing-girl-xs

Baden-Baden Reinsurance Symposium: the industry-wide impact of disruption

"In our business we are more than used to disruptions [...] But the pace of disruption has been amplified by new sources of data and by the increase in the power to collate this data", James NASH, the President, International of GUY Carpenter stated during his opening address at the Reinsurance Symposium in Baden-Baden on 22 October.

23.10.2017

See all