The Russian National Reinsurance Company (RNRC), which was created to reinsure Russian firms under Western sanctions, has signed a one-year deal with a local subsidiary of Aon that allows the RNRC to reinsure risks of up to $149 million, according to Reuters.
RNRC boss Nikolay Galushin has said the deal with the Aon unit does not include coverage of sanctions risks.
Galushin told Reuters in June that insurers covering the risks of dozens of industrial plants in Russia had approached RNRC for cover after mounting U.S sanctions made it difficult to get reinsured elsewhere.
Reuters notes that Russia’s relations with the West have soured since Moscow annexed the Crimean peninsula from Ukraine in 2014.
Since then, the U.S along with other western countries have imposed broad-ranging sanctions against Russian companies, banks and individuals.
In September, participants of a two day summit in Moscow hosted by the RNRC announced their decision to join forces as a ‘National Reinsurers Network’.
Senior Executives from GIC (India), China Re, VINARE (Vietnam), Dunav Re (Serbia), Triglav Re (Slovenia), Europa Re (Switzerland), Bimeh Markazi (Iran), NITF (Sri Lanka), and BNPO (Belarus) are those said to have joined the RNRC in the Network.
