Reinsurance

Sergey Danilychev, Deputy Chairman

of the Management Board

of the Russian Insurance Centre

The Russian Insurance Centre considers the protection of its insurance portfolio as a top priority. The main criterion for outward insurance and for the selection of reinsurers is their reliability, i.e. the ability of adequate response to liabilities taken. Therefore, the major partners with whom the Russian Insurance Centre places its risks are the largest Russian insurance companies as well as a number of foreign companies.

In case the volumes of the Russian domestic market are not enough, the Russian Insurance Centre places its risks mainly with first-class insurance companies of the London Insurance market and Continental Europe. Among the international partners of the Russian Insurance Centre are such companies as Lloyd’s of London, Royal & Sun Alliance PLC, Munich Re, Hannover Re, Tokio Marine Europe, Generali and others.

The portfolio of the Russian Insurance Centre is adequatly protected by an effective system of obligatory treaties for the cargos of the Federal State Unitary Enterprise Rosoboronexport, for aircraft hull insurance, for marine hull and liability insurance as well as for motor car insurance. These treaties are placed through the major international brokers such as Aon Ltd, Marsh, RFIB and Willis. Treaties for property and non-military cargos are placed primarily with the leading insurance companies of the Russian market.

The insurer deems it extremely important to find the most effective and beneficial terms and conditions of reinsurance as well as for contacts in alternative markets, in particular the world’s second market in terms of importance – that of the Bermuda Islands. Risks are already being placed with such powerful young companies as Axis Specialty Limited, Catlin Insurance Company and XL Specialty Insurance Company.

Establishing reinsurance relations with insurance and reinsurance companies of the third world is also of strategic importance. In particular, cooperation with the General Insurance Corporation of India and Indian reinsurance broker J. B. Boda has developed successfully. Business contacts have been developed with insurance companies of China and those of the CIS, South-East Asia and Pacific region.

The Russian Insurance Centre actively develops its inward portfolio both with a large number of Russian insurance companies and in cooperation with international insurance and reinsurance markets. In the future it is planned to increase the collection of reinsurance premiums for inward reinsurance to the level of those for outward reinsurance in order to reach a reasonable balance between the amounts of inward and outward premiums.

The company puts much effort into increasing the quality of its inward portfolio. The focus is always put on traditional types of insurance: property, marine cargo, construction all risks, aviation risks and marine hull and liability.

 
To provide the complex coverage for marine risks Russian Insurance Centre has arranged a special Guarantee Cover , which was organized and supported by world leading insurance and reinsurance broker Aon. The Guarantee Cover protects our clients from additional expences which may arise in case of the arrest of the insured vessel or cargo, collision of vessels, salvage operations and other possible expences which may be claimed on the spot by another ship-owner, cargo owner, port authority and other interested parties.