RUSSIA: ACRA affirms AAA(RU) for the Russian National Reinsurance Company
"The credit rating is based on the company's strong business and financial profiles along with its high-quality management. The support factor from the Bank of Russia is assessed as relatively strong; however, it does not affect the company's credit rating, as the standalone credit-worthiness assessment (SCA) of the company is the highest possible (aaa)", the agency explained in the official statement.
Among the key rating assessment factors ACRA noted the stable market position of RNRC, very strong operating performance, high capital adequacy, high asset quality and strong liquidity.
According to ACRA, the product range quality of RNRC is high, as the company has underwriting expertise across almost all significant types of insurance and reinsurance. Although sales channels are not diversified, with more than 90% of premiums coming in the form of mandatory cession and sanction business, they are practically devoid of risks, so the company's service distribution system is extremely reliable.
More details on the rating action can be found here.