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22 August 2019, 13:35

Eximgarant of Belarus, EXIAR sign agreement on unified reinsurance platform

MINSK, 22 August (BelTA) – Eximgarant of Belarus and the Russian Export Center Group (EXIAR) have signed an agreement to set up a unified reinsurance platform, BelTA learned from the Finance Ministry of Belarus.

The agreement provides for the Russian party to recognize reinsurance in Eximgarant of Belarus as a reliable alternative of the state guarantee or bank guarantee. This will help to expand the possibilities for financing investment projects in Belarus, as well as to reduce the cost of insurance for projects proposed by Russia.

The agreement also sets the transaction value at $500 million, which will secure sufficient insurance and financial coverage for joint projects.

The parties agreed to promote exports through joint development of distant markets and problem regions, as well as joint settlement of losses in complex regions, diversification of risks, improvement of the quality of the insurance portfolio, placement of risks in reinsurance without additional costs and commissions (without the involvement of insurance mediators).

The agreement was signed by Mikhail Olshansky, First Deputy Director General of Eximgarant of Belarus, and Nikita Gusakov, Director General of EXIAR.

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