Rusal in talks with western companies to resume reinsurance: Source says

Since when the United States lifted sanctions on Rusal, the company got engaged in talks with Western Companies to resume reinsurance, said Russian National Reinsurance (RNRC) officials.

US President Donald Trump’s administration lifted sanctions on Rusal and other core assets of Oleg Deripaska on January 28. Rusal’s talks with reinsurers indicate the company’s return to normal operations.

Natalia Karpova, deputy chief executive RNRC, told reporters on Monday, February 18, that Rusal is now corresponding with western reinsurers for getting them back on board and sharing the aluminium company’s risks after sanctions been lifted. The names of the western reinsurers are not revealed, however.

According to two sources familiar with the matter, Ingosstrakh, Rusal’s primary insurer, had been reinsuring those risks with Western reinsurance firms prior to the imposition of US sanctions last year, April 6.

RNRC chief executive Nikolay Galushin told Reuters last year that after April 6 his firm had to take on almost all the risks of Russian industrial plants that were previously shared among western reinsurers.

Now, if Rusal induces western reinsurers to once again share Ingosstrakh's risks, RNRC will share 20 per cent of that reinsurance with Western firms, said Galushin further on Monday.

RNRC was formed by the Russian central bank primarily to offer reinsurance to firms barred from using western providers after sanctions imposed on Moscow in 2014.

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