RUSSIA: an Indian company became the leader of RNRC retrocession program for 2019

The President of RNRC (Russian National Reinsurance Company) Nikolay GALUSHIN announced on October 23 that the company held a competitive selection of an insurance broker to organize a retrocession program for 2019, at that an Indian company became the leader of the program, writes Finmarket.

According to GALUSHIN, transfer of the risks from RNRC portfolio assumes partnership with the countries, not participating in application of sanctions against Russia. The pool of partners may involve reinsurers form BRICS countries, as well as from Syria, Belarus and others, with preference for reinsurers with state participation. Only insurance brokers, registered in Russia, took part in the competitive selection, and "AON-Rus-Insurance brokers" was chosen from 7 participants.

As GALUSHIN noted, the sanctions business will not be transferred under the retrocession program, and the liability limit under the program can be set at about RUB 10 billion. Based on the RNRC data, the share of the sanctions business in RNRC portfolio for the first 9 months of 2018 is 25% (if necessary, can be reinsured by RNRC), excluding this business, the rest business can be reinsured by the international pool under the retrocession program from 2019.

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