The Russian National Reinsurance Company (RNRC) has received approval from the Egyptian market watchdog to operate as a foreign reinsurance company in the local specialty market.
The approval means that RNRC is now included in the Egyptian local official register of the foreign reinsurers, and the entry is a continuation of the firm’s efforts to diversify its portfolio by attracting global business.
According to RNRC, this expansion and diversification will first focus on markets in the Eurasian Economic Union/CIS regions, BRICS, Eastern Europe, Latin America, North Africa, the Middle East, and the Asia-Pacific region.
Michale Sepp, Vice President of RNRC, commented; “The international rating from FITCH (BBB-) which we have received this year allowed us to foster the development of the international business. We started to accept risks from the Kazakh market, got the Chinese market watchdog’s approval to operate as a foreign reinsurer on the China’s specialty market and are waiting for approval of registration as well from other countries.
“We want to strengthen once again our opening in collaboration with insurers and reinsurance brokers for a wide range of risks.”
