Moscow Re consultant to inform foreign insurers about Russian market
Charles Catt, Adviser to the Management Board of Moscow Re, will give a briefing to the International Underwriting Association (IUA) which will be titled "The Development of the Russian Insurance and Reinsurance Market."
The meeting at the London Underwriting Centre will examine the most recent development trends of the Russian insurance market in the light of the nation's transition from government control to market. Russian insurance sector has changed significantly in the last few years, according to Charles Catt. Amendments to laws in 2004 enabled foreign companies to buy controlling interests in Russian operators (except life insurers) and the introduction of compulsory motor TPL insurance led to a significant increase in premium. In this context, the market has become more attractive to foreign investors.
Mr. Catt is expected to inform foreign specialists about development perspectives for insurance and reinsurance in Russia and about forecasts of relatively greater market liberalization.
Charles Catt advises Moscow Re Management Board on global business development.
He has worked in the global reinsurance market for more than 40 years. Until recently, Mr. Catt was Managing Director at XL Re (NAC Re International) and he also was Assistant General Manager at NW Re.
Along with working at Moscow Re, Charles Catt performs the functions of director for Alliance International Co. Ltd and adviser to Lloyd's broker Cosmos Risk Solutions (UK).
Moscow Re was established in 1996.
Equity capital amounts to Rub 796.298 mln and authorized capital to Rub 296.008 mln.
In 2004 Moscow Reinsurance Company collected over Rub 766 mln of premium.
Company operates in all general classes of reinsurance and has the largest client base among Russian reinsurers.
Moscow Re operates in markets of CIS and Baltic states, Middle East and Eastern Europe, Asia Pacific, North and South Africa.
Company has representative offices in six Russian cities (Vladivostok, Irkutsk, Novosibirsk, Ekaterinburg, St. Petersburg, and Samara), Belarus, and Ukraine.
In September 2005, Standard & Poor's upgraded company's international rating to B+ (ruA+ on the Russian scale). Reinsurer was awarded the highest rating of A++ by Russian-based Expert RA.
