Chief Executive Nikolay Galushin told the Reuters Russia Investment Summit that all Russian firms under sanctions "have been reinsured by our company ... including the military industry's enterprises." With capital of 21.3 billion roubles, its activities have been limited to 5 billion roubles per project. But Russia's central bank gave RNRC a financial guarantee worth 49.7 billion roubles in May so it could take on a bigger share of risks. Russian law requires all Russian reinsurers to cede 10 percent of risks under their contracts to RNRC. Galushin said the firm wanted to expand its business to firms not under sanctions, helping RNRC move towards an initial public offering (IPO) that could attract Russian and Asian investors.

Source: The North Africa Journal September 21, 2017 15:56 UTC