Reinsurance News

Russia

CIS re/insurers struggling to withstand volatile market conditions: A.M. Best

27th February 2019

Insurers and reinsurers in the Commonwealth of Independent States (CIS) are struggling to remain profitable in the face of significant geopolitical instability and regulatory changes, according to a report by A.M. Best. The rating agency noted that, whilst the overall economy for the CIS improved in 2018 compared to prior years, ... Read the full article

Munich Re’s ERGO to sell Russian non-life arm to RESO-Garantia

12th February 2019

German reinsurer Munich Re has announced that it intends to sell the Russian non-life re/insurance business of its ERGO International division to Moscow-based insurer RESO-Garantia. The property and casualty (P&C) subsidiary provides a range of insurance solutions both in Russia and internationally, including motor, voluntary health coverage, property, mortgage, travel, accident, ... Read the full article

Russia’s state-backed RNRC cuts brokerage deal with local Aon subsidiary: Reuters

18th December 2018

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 ... Read the full article

Russian reinsurers see loss of foreign premiums

10th July 2017

Russian reinsurers have seen premiums shrink by 15 %, or a loss of RUB 9,747.14 million this year so far, about half of the losses were from Russian premiums and 39% from premiums ceded from abroad, Xprimm reported. The tough market conditions caused several small-middle sized Russian reinsurers to close - a ... Read the full article

Russian National Reinsurance to seek global diversification, ratings

20th February 2017

The Russian National Reinsurance Company will seek to enter international reinsurance markets in order to diversify its book as it gains scale, according to the reinsurers President. Nikolay Galushin, President of the Russian National Reinsurance Company, said in an interview with Interfax that in future it will be desirable for the ... Read the full article