The Russian Reinsurance Company was founded on December 18, 1992 as an initiative of the Russian Union of Insurers. The company was registered as a closed joint-stock company with initial capital of 71.4 million roubles. The Company’s founders included 29 insurers, 5 financial companies, a bank and several individuals.
Andrey Polyakov was appointed General Director, and Temur Batiashvili was appointed Executive Director and member of the Management Board. In June, 1993 the company acquired its operating license and, by the end of year, over 70 insurers placed risks in the Russian Reinsurance Company.
The following year was full of notable events. Eduard Rjabinin was appointed Chairman of the Board of Directors; authorized capital was increased to 1.5 billion roubles; the number of shareholders grew to 62, and the number of partners increased to 170. That same year Alte Leipziger Europa Beteiligungsgesellschaft AG (Germany) acquired a 10% stake, becoming the first foreign shareholder of the Company.
Soon, the company’s success drew the attention of other international financial organizations. In February, 1996, American International Group Inc., a leader in the U.S. insurance market, acquired a 15% stake in the Company, becoming the second largest shareholder. Subsequently, another 15% of the shares were acquired by Marsh & McLennan Risk Capital Holdings (USA), the investment arm of the world’s largest insurance and reinsurance broker Marsh. In the same year, Alte Leipziger Europa Beteiligungsgesellschaft AG increased its stake to 15% (the shares were transferred to ERGO Europa Beteiligungsgesellschaft AG (Munich Re Group) in 2001).
In July, 1996 the RF Ministry of Finance registered the third issue of shares for the Company which increased the authorized capital to 5 billion roubles (nearly 1 million US dollars).
In March, 1998, the company’s capital was increased by 6 times to 30 billion roubles. However, due to the August financial crisis the dollar equivalent of the capital remained the same.
In 1999, the Russian Reinsurance Company established its initial presence in Vladivostok. Three years later, the company also opened branch offices in St. Petersburg and Kiev.
In the autumn of 2003, the Russian Reinsurance Company won the “Russian National Olympus” award in the category of “Finance and Investments”. In December of the same year, the company’s headquarters were moved to a new building located in the historical center of Moscow.
In April 2003 Chairman of the Board of Directors Eduard Rjabinin resigned and Michael Handler was elected as a new Chairman. At the same time the share capital of the company increased up to RUB 60 million.
The sixth issue of shares was registered in January 2006. As a result the share capital of the Company increased up to RUB 120 million. In 2006 ACE Group (Bermuda) has acquired 15.8% shares of the Company from ERGO Group (Germany).