The credit rating of JSC “Russian Reinsurance Company” (hereinafter, the Company) reflects the Company’s strong business and financial profiles and adequate management quality.

The Company is a specialized reinsurer of property, energy and engineering risks. The Company has been operating since 1992 and holds strong positions in the Russian reinsurance market.


The Company’s strong business profile is based on its stable position in the insurance market and strong operating indicators for 2021, which are forecasted to continue in the future. Historically, the property insurance segment is the key for the Company's business; in 2021, its share in the Company's portfolio exceeded 95%. According to results for 2021, the Company ranks seventh among reinsurers in the corporate property insurance segment and tenth in terms of accrued reinsurance premium.

ACRA assesses the diversification of the Company’s client base as medium. The quality of the Company’s product range is solid due to high underwriting expertise in insurance types, which it provides reinsurance protection for within its specialization. The diversification of sales channels is medium.

ACRA assesses the Company’s operating efficiency as high. The combined loss ratio (CLR) for 2021 amounted to 0.84. In 2021, premiums received by the Company under reinsurance contracts amounted to 121% against 2020. In 2022, the premium growth rate is expected to decline as reinsurances incoming from abroad may shrink due to sanctions.

The strong financial profile is based on the Company's high capital adequacy, asset quality and liquidity assessments.

The Company has been sustainably increasing its capital out of profits, which is positive for the capital adequacy metrics and assessment. The ratio of capital to minimum capital grew in 2021 and amounted to 3.3; the ratio of available capital to capital at risk, calculated as per ACRA’s methodology, was 4.8.

The asset quality assessment is high, which reflects the Company’s high capital to asset ratio (0.22 at the end of 2021) and low asset risk index (1.5). The high concentration of assets limits the asset quality assessment and, in general, the Company's financial profile.

The high assessments of current (1.3) and long-term liquidity (1.2) are based on a sufficient amount of high-liquid assets on the Company’s balance sheet.

The Company’s management quality is assessed as adequate in view of positive assessments of management experience and structure, actuarial function and risk management. Other factor components received neutral assessments.


  • Maintaining the current risk management, investment and underwriting policies.


The Stable outlook assumes that the rating will highly likely stay unchanged within the 12 to 18-month horizon.

A positive rating action may be prompted by:

  • Significant decrease in asset concentration while maintaining the capital adequacy assessment.

A negative rating action may be prompted by:

  • Significant decline in operating efficiency;

  • Materialization of sanctions risks in terms of the receipt of reinsurance protection from abroad on claims incurred.


SCA: a+.

Adjustments: no.

Support: no.


There are no outstanding issues.


The credit rating has been assigned under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Insurance Organizations on the National Scale for the Russian Federation, and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

The credit rating of JSC “Russian Reinsurance Company” was published by ACRA for the first time on June 9, 2017. The credit rating and its outlook are expected to be revised within one year following the publication date of this press release.

The credit rating was assigned based on the data provided by JSC “Russian Reinsurance Company”, information from publicly available sources, as well as ACRA’s own databases. The rating analysis was performed using the ISAS and IFRS financial statements of JSC “Russian Reinsurance Company”. The credit rating is solicited, and JSC “Russian Reinsurance Company” participated in its assignment.

In assigning the credit rating, ACRA used only information, the quality and reliability of which was, in ACRA's opinion, appropriate and sufficient to apply the methodologies.

ACRA provided additional services to JSC “Russian Reinsurance Company”. No conflicts of interest were identified in the course of credit rating assignment.

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