Bank of Russia to increase local reinsurer’s capital amid new sanctions

The Bank of Russia has decided to increase the capital for Russian National Reinsurance Co. JSC to 300 billion Russian ruble ($2.57 billion) from RUB71 billion as new international sanctions threaten businesses in Russia, Reinsurance News reported. The increased capital will expand available reinsurance capacity in the country and allow Russian insurers to reinsure more risks within the country.