Munich Re Life Reinsurance Eastern Europe/Central Asia has received a license from the Russian Federal Service for Insurance Supervision to conduct life reinsurance business in the Commonwealth of Independent States.
The new Moscow-based wholly owned subsidiary of Munich Re is now responsible for all of the group’s life reinsurance business in the Commonwealth of Independent States (CIS), specifically in Russia, Ukraine, Kazakhstan and Azerbaijan.
By establishing Munich Re Life EECA, the first foreign life reinsurance undertaking in the CIS, Munich Re says that it is seeking to consolidate its strong position in the market and to intensify contacts with clients and authorities. Furthermore, the new licensed subsidiary will allow Munich Re, for the first time, to offer reinsurance solutions on a rouble basis.
Commenting on the motivation for the development, Dr Nikolaus von Bomhard, chairman of Munich Re’s board, said: We seek to take advantage of the highly promising economic situation in the CIS states to further grow our life reinsurance business organically and profitably.