Russia: FITCH affirms RNRC IFS at BBB-, positive outlook
According to the report of FITCH the rating decision was made based on RNRC's strong capitalization and strong risk-adjusted capital position of the Central Bank of Russia, the sole owner of RNRC. The rating and Outlook continue to mirror Russia's Long-Term Local -Currency Issuer Default Rating (IDR) and reflect strong parental support available to RNRC and its exclusive position in the local reinsurance sector underpinned by regulation.
RNRC was founded in August 2016 pursuant to the Federal Law N363 d/d July 3, 2016 on amendment of the law "On insurance business in Russia" based on the decision of its sole shareholder - The Central Bank of Russia. The paid charter capital is RUB 21.3 billion. Reinsurance license PS N 4351 d/d 12.10.2016. ACRA rating AAA (RU), stable forecast. RNRC is the leader of the Russian inward reinsurance market with GWP of RUB 7.7 billion. RNRC's market share based on 2017 result is 22%.