New reinsurance company (NPC)

History

2024: Establishing a Company

In mid-January 2024, Sogaz registered a reinsurance company with a capital of 600 million rubles. The legal entity was named "New Reinsurance Company" (NPK).

As they write Sheets"" with reference to the data of the Unified State Register of Legal Entities, in addition to reinsurance activities, NPK plans to assess risks and damage, carry out other activities in the insurance market (with the exception of the sphere of compulsory social insurance). In addition, the company has the right to make investments in securities, investments in authorized capital, venture capital investment (including through investment companies) and dealer activities.

Sogaz registered a reinsurance company with a capital of 600 million rubles

According to experts interviewed by Kommersant, Sogaz created NPK primarily for its own needs. Perhaps this is due to the exemption from the need to comply with the regulatory requirements for transferring 50% of the risk to reinsurance to the state-owned Russian National Reinsurance Company (RNPK) (valid from March 2022) if the transfer is carried out within the framework of one insurance group, the source of the publication believes in the insurance market. According to another newspaper informant, Sogaz can transfer up to 10% of its "multi-billion dollar portfolio" to its reinsurer, primarily retail types of insurance.

The registration of the new legal entity was very quiet - none of the players announced it, the source of Vedomosti notes in the insurance company from the top 20. This gives reason to believe that Sogaz intends to reduce the cost of its protection portfolio, and the new reinsurer will work mainly with the parent company, the source explains. According to the deputy head of "Ugoria" Andrei Yazykov, for the market, the appearance of another professional will increase competition, which is very positive.^[1]

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